CBN to limit across-the-counter cash withdrawals to N10,000

To deepen cashless policy and upscale electronic banking, the Central Bank of Nigeria (CBN) has concluded plans to implement the limiting of the across the counter cash withdrawals to N10, 000.

Already, a sub- Committee of the Bankers’ Committee on Payments Systems and Infrastructure, which has been quietly working on the plan last week briefed the Committee on its scope of work with the hope of the implementation of the policy set to roll soonest, according to a member of the Committee who asked not to be named.

Meanwhile, Minister of Information and Culture, Alhaji Lai Mohammed, yesterday said the Federal Government was solely responsible for the funding of the A-Meal-A-Day programme, dismissing media reports that some states said they were not ready for the programme due to funding challenges.

Mohammed, who made the revelation in Lagos at the 8th Alhaji Kafaru Tinubu Memorial Ramadan Lecture the theme: “Supreme Sacrifice and the Essence of Followership in Governance,” said the pilot scheme of the programme has started and it will cover 5.5 million pupils when fully on stream. According to him, government was aware of the plight of many citizens due to the challenges in the economy, adding that a N500 billion Social Intervention Programme has been put in place to help alleviate poverty.

The minister said the huge money earmarked for the intervention programme in the 2016 budget was one of the sacrifices the government had to make in the face of falling revenue.

“The N500 billion Social Intervention Programme, which is broken into five parts covers employment of 500, 000 unemployed graduates who will be trained as teachers.

He added that it also covers the employment of 100, 000 artisans as well as the One-Meal-A-Day programme for pupils in primary schools.

In a similar vein, Budget and National Planning, Senator Udoma Udo Udoma has declared that the declining economic growth notwithstanding, the faithful implementation of the provisions of the 2016 budget will lead to a sustainable turnaround for the Nigerian economy.

The Minister, according to a statement by his Special Adviser on Media, Mr. James Akpandem, who was interacting with Old Boys of Kings College on the 2016 Budget, in Lagos at the weekend, explained that the 2016 Budget was designed to actively pursue macroeconomic policies and growth strategies that will reflate the economy, by investing in key infrastructure and social development.

In another forum, Speaker of the House of Representatives, Mr. Yakubu Dogara joined dozens of Muslim faithful in seeking for God’s intervention in the affairs of the nation.

Speaking when he organised a special Ramadan prayer session during Iftar with members from the North West and South East geo-political zones at the National Assembly Complex Abuja, he emphasised the need for the restoration of peace, stability and economic prosperity of Nigeria.

Similarly, elder statesman and Chairman of the Northern Elder Council, Alhaji Tanko Yakassai weekend said Nigerians stand to benefit from President Muhammadu Buhari’s anti-corruption drive and other measures put in place to rescue the nation’s economy from imminent disaster.

http://guardian.ng/news/cbn-to-limit-across-the-counter-cash-withdrawals-to-n10000/