‘Why CBN must scrap new cash withdrawal policy’

Alade Abayomi ADeleke
Alade Abayomi ADeleke

The Coalition of South East Youth Leaders has rejected the new policy by the Central Bank of Nigeria to limit cash withdrawals.


Days ago, the apex bank had, in a bid to encourage cashless transactions, pegged cash withdrawals at N20,000 per day and N100,000 for individuals and N500,000/week for businesses.


The development has generated reactions from experts, politicians and lawmakers, who have been expressing varying views on the matter.


Daily Post reported that COSEYL, in a statement by its president general, Goodluck Ibem, described the policy as retrogressive, stressing that most Nigerian traders, farmers, other businessmen and women are uneducated and can hardly operate or use e-banking to transact businesses.


They said, “Nigerians are already in serious hardship and difficulties, and if this policy is not removed immediately, it will lead to more hard times, closure of businesses and even deaths as so many people will not be able to trade or do their businesses because they can not transact via e-banking.


“Cashless policy is ineffective in an environment where it is very difficult to have internet services at all times. The CBN is not doing anything to ensure that bank customers whose money has been trapped via failed e-transactions can get their money back.


“So many people have lost their hard-earned money running into billions of naira, and nothing has been done by CBN to ensure such persons involved get their money back.


“The CBN should allow Nigerians have access to their money and devise another economic policy and leave this N20,000 daily withdrawal limit because it amount to adding salt to injury”.

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