CBN’s new monetary policy will favour masses – Arewa youths

The Arewa Youth Consultative Forum, AYCF, has said the Central Bank of Nigeria’s new monetary policy would favour the masses.

AYCF National President, Yerima Shettima, said the monetary policy would reduce inflation.

Speaking with Newsmen, Shettima said AYCF would help CBN propagate the policy so that Nigerians can accept it.

Recall that CBN on Wednesday reviewed cash withdrawal limits to N500,000 and N5 million for individuals and corporate accounts respectively.

The apex bank also reviewed downward, the stipulated percentage cost for withdrawals above the stipulated limits.

A statement by Haruna Mustapha, CBN’s Director, Banking Supervision, said in compelling circumstances where cash withdrawals above the limits are required, they shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.

Reacting, Shettima said, ”The monetary policy is a welcome development. It will go well with the masses. The policy will favour the masses.

”It will reduce inflation, and those who took money and kept it out of the banking sector will be forced to bring it out, or it will be a waste.”

”With this policy, a lot of things are involved, and we are determined to help CBN propagate the policy so that everyone will accept it,” he added.