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Nigerians divided over new  CBN withdrawal policy

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The new withdrawal policy by the Central Bank of Nigeria (CBN) has been generating reactions among Nigerians home and abroad since its introduction a couple of days ago.

Some Nigerians ENCOMIUM Weekly spoke to on this reacted divergently on the policy.

‘It is a good move’ – JOY OBI

I think it is a good move by the Central Bank and it will strengthen the naira. The fall of the naira is been appalling. This will go a long way in helping reduce that. Especially the no more deposits in foreign currency and the limit on ATM withdrawals too.

‘Bureau de Change will become almost useless’ -LAURA  AMUSHIENWA

I’m completely in favour of the move, considering the way the naira has been constantly losing value against foreign currencies. And one of the reasons that was because power was in the hands of money changers. Now, the banks have more control. Since you can’t save dollars anymore, the Bureau de Change will become almost useless.

‘I pray it’s revisited’ -KAYODE MARTINS

I am not comfortable with the amount because it limits my daily transactions. I spend more than N100,000 in a day at times and I can’t be going to the banks anywhere I find myself. My business is not stable here in Lagos and it requires immediate payment if I find what I want.

Also, I may have a reason to be out of Lagos for like twice or thrice in a week and I need money regularly to execute my business. I can’t be moving around with cash all the time. I pray it’s revisited. Even, one should be allowed to withdraw as much as one needs daily.

 ‘It will limit the rate of frivolous spending’ -UGOCHUKWU THOMAS

I support the idea because it will reduce the daily loss of money to ATM fraud. A lot of people have lost so much money via ATM and before they know it, their accounts have been drained by ATM fraudsters. But with the introduction of N60,000 withdrawal limit per day, the fraud will reduce drastically. Also, it will limit the rate of frivolous spending, especially on weekends.

‘N60,000 is too small’ -DARASIMI SAMUEL

It is not fair at all. N60,000 is too small . I think N100,000 is okay. It was formerly N120,000. I don’t know why they reduced it, what if emergency and bills have to be settled.

‘It’s too small’ -ESTHER OLABISI

It is not all banks. I think that amount is too small, they should increase it.

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