CBN Withdraws Bailout Funds Of States Playing Politics With Money

CBN123The Central Bank Of Nigeria has taken a tough stance against state governors playing politics with the Bailout Fund, as it has decided to withdraw their allocations.

The CBN Governor, Mr. Godwin Emefiele, disclosed this while briefing journalists on the outcome of the Monetary Policy Committee, MPC meeting in Abuja, Tuesday.

The CBN governor also announced a reduction in the Cash Reserve Requirements from 25 to 20 per cent in order to increase liquidity in the banking system.

Mr. Emefiele, however put a proviso that the extra funds would be released to only banks that would give loans to the real sectors of the economy with the aim of generating employment and stimulating growth in the economy.