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Emefiele: New withdrawal limits not targeting any individual

Governor of the Central Bank of Nigeria, Godwin Emefiele says the new withdrawal policy was not targeted at specific persons or groups.

Under the new policy, the CBN restricted the maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000, respectively.

ATM and POS cash withdrawal was placed at a maximum of N20,000 daily.

This has attracted condemnation from many quarters that the apex bank is being used to target opposition parties as the 2023 general elections draw close.

But speaking after a meeting with president Muhammadu Buhari in Daura, Katsina State, Emefiele said the new policy is meant for the good and development of the economy.

“I said it at different fora, that this is not targeted at anybody, it’s just meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it,” he explained.

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