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Friday, May 27, 2011

Cash withdrawal limits stand, says Sanusi

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The governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, has turned down the request of senators to increase the threshold of free cash withdrawal to be enforced by CBN's latest cash withdrawal policy.
Mr Sanusi, in company of his deputies, could not wait to leave the Senate Hearing Room 1 venue of the Thursday meeting with members of the senate committee on Banking, Insurance and other financial institutions before he declined the senators' request to slack the policy.

"For now, let us leave it at that," he told the senators shortly after they made their views known on the policy.
Mr Sanusi explained that although the variables in the policy are not cast in stone, it is an ambitious target the organisation hopes to achieve. The senators were worried the new policy would scare bank customers and in the long run make doing business in Nigeria more expensive.