Cash withdrawal limit will benefit economy —NIPC

The Central Bank of Nigeria’s latest policy, which limits daily cash withdrawals for individuals to N20,000 and weekly withdrawals to N100,000, has received praise from the Nigerian Investment Promotion Commission.

Politicians, economists, parliamentarians, and citizens have all expressed opposition to the program, which is set to go into effect on January 9.

But after an interactive stakeholders’ forum with Ministries, Departments, and Agencies on Thursday in Abuja, Saratu Umar, the Chief Executive Officer of NIPC, told journalists that the new CBN policy would ensure adequate and smooth money circulation in the banking industry and the country’s economy.

She said that the project would draw both domestic and foreign investors who would have access to loans and be able to fuel economic growth across a wide range of sectors.

Umar said, “If the CBN is taking steps to ensure that it captures money back into the banking sector so that they can loan it to investors and other sectors, I don’t think there is a problem there.

“It is actually a positive development and we should be happy that an administration has been bold enough to implement it.”

The executive secretary went on to say that the nation had a lot of potentials that should be utilized through investment possibilities rather than borrowing.

READ MORE: CBN defends cash withdrawal limit to Senate Committee

The amount of resource mobilization, she pointed out, was disappointingly low for inclusive growth, pushing the NIPC to look for investments.

She said, “The different plans will be extracted and we will channel our strategy as an institution and with the various MDAs in driving this investment plan forward to every sector in the country.

“This plan is critical in promoting economic growth, job creation, and generating wealth for Nigerians as well as facilitating development.

“In 2021, a UN report noted that FDI inflow into Africa grew by 147 percent. This has accentuated the race by African economies to showcase their investment climate reforms and business-friendly policies.

“With over 170 IPAs worldwide competing to channel FDI to their different countries, a compelling imperative is established that NIPC as Nigeria’s IPA is positioned to ensure that Nigeria gets a fair share of this global market.”

Source: punchng.com