Dilkon Hails CBN’s Withdrawal Of Government Funds From Banks

[Shola Sholaz]

The Central Bank of Nigeria's withdrawal of 50 per cent of government funds from commercial banks, is good for the economy, says Leonard Dilkon, former Chairman, House Committee on Finance.
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Dilkon  in Jos on Friday said that the step was "very good'' as commercial banks would now begin to invest in wealth and job yielding ventures that would stimulate growth.
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Commercial banks had kicked against the policy, insisting that such measure would "spell doom for the economy''.
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The banks, in separate reactions, had argued that the step would raise interest rates and make lending very difficult.
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But Dilkon, who is the Executive Chairman, Hamtul Press Ltd, a Jos-based large scale printing outfit, argued that the banks had not helped the economy much as they "merely collect monies from local, state and federal governments''.

[Folami David]

The hailing is really worth it cos it was really a bold step taken by the central bank of Nigeria. Very good move from them I must say.