State governors are pitching their tent with those opposed to the N100,000 cash limit recently imposed by the Central Bank of Nigeria (CBN).

They believe the policy will hurt the economy and rural dwellers in particular.

They also fear that the CBN action may set the masses against the administration of President Muhammadu Buhari,and could constitute an unpalatable exit package for him when his second term expires on May 29, 2023.

Consequently, they have resolved  to send a delegation to the President to direct the CBN to review the  policy, according to an investigation by The Nation. 

The  Nigeria Governors Forum (NGF) met  on Thursday in Abuja to deliberate on the matter and take appropriate decision.

A source at the session said the governors also resolved to appeal to Buhari to retain the prevailing  cash withdrawal limits in the country and extend the January 30th, 2023 deadline for the phasing out of the  redesigned Naira notes.

“Our decision was across party lines. We were all united that the policy will adversely affect the poor in the rural areas which Buhari administration seeks to protect,” the source said.

He added:”With  likely job losses of about 1.4million by POS operators, there is no way the rural populace can survive this policy. It is like bringing down the ceiling on the economy.

He added:”With  likely job losses of about 1.4million by POS operators, there is no way the rural populace can survive this policy. It is like bringing down the ceiling on the economy.

“It is becoming ridiculous that some banks now issue out as low as  N2,000 to a customer. Also, no matter how influential you are, banks may only give N200, 000 new notes under the table.