The Abuja Chambers of Commerce, Industry, Mines and Agriculture (ABUCCIMA) said that the withdrawal of licences from 244 micro-finance banks would affect the economy. ABUCCIMA President Dele Oye expressed the opinion of the chamber on the CBN’s decision in an interview withnwesmen in Abuja.

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“It is believed that the CBN is acting in the interest of the depositors and the customers and we cannot pass judgment now until we are able to know the reason behind the CBN action.

We must not fail to realise that with this decision, it has caused the small businesses to fold. This is not a welcome idea except CBN can prove to the world that the reason for its action is in the best interest of the nation’s economy,” he said.

He urged the CBN to ensure that the people at the grassroots were well informed on its recent decision as they were the most affected. This set of people depends mostly on the banks to finance their small businesses,’’ he said