Withdrawal Limits Will Cripple Campaign Funding, Party’s Members Cry Out | PLUS POLITICS
Channel: Plus TV Africa
Date: 2022-12-14

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Political parties have kicked against the new cash withdrawal limits introduced by the Central Bank of Nigeria, stating that it could choke the political process.

Governor Ahmadu Fintiri of Adamawa State had accused the CBN Governor, Godwin Emefiele, of targeting the political class with the new cash withdrawal limit which restricts over-the-counter cash withdrawal by individuals and companies to N100,000 and N500,000, respectively, per week.

According to a memo signed by the CBN’s Director of Banking Supervision, Haruna Mustafa, withdrawals above the thresholds would attract processing fees of five per cent and 10 per cent, respectively, for individuals and corporate entities going forward.

In addition, third-party cheques above N50,000 shall not be eligible for OTC payment while extant limits of N10m on clearing cheques still remain.

 Katch Onunuju, the special adviser on public affairs to the presidential candidate of the Labour Party, Peter obi and Hon. Anngu Orngu , SSA to the Benue state governor on student affairs and NORTH CENTRAL, Zonal Coordinator, Atiku Support Organisation, Joined Us To Discuss
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