BANKS MOVE TO TO REDUCE WITHDRAWAL LIMIT TO N10,000.

CBN GOVERNOR: Godwin Emefiele


Banks in the federation put forward a proposal to the CBN to
limit customer's over-the-counter withdrawal to N10,000. The proposal
was sent to the Central Bank of Nigeria by the committee for payment
systems and infrastructure last week. This proposal is as a result of
the decline in deposit received by the bank over a period of two
years.
But a report from the CBN deputy governor on Economic policy,
Dr.Alade Sarah attributed the reduction in deposit to the introduction
of the Treasury Single Account system(TSA).
She also added that the decline was also as a result of the decline
in interest and non interest income to the banks which had declined
substantially. Not just interest but also GDP, Gross profit,Gross
credit and industry asset values have also reduced. All these decrease
were largely due to TSA.