Cash Withdrawal Policy: Nigerians Urged To Back CBN 

The Initiatives for Patriotic Nigerians, has called on Nigerians to support the Central Bank Of Nigeria (CBN), cash withdrawal limit as it would ensure free and fair elections comes 2023.

It has on record that the Central Bank Of Nigeria under the able leadership of Mr. Godwin Emiefele has issued a directive, reviewing downward, Over the Counter cash withdrawals limits of individuals and corporate bodies, also reduces the limit of daily ATM withdrawals.

Speaking at the peace protest held yesterday by the group in Abuja, EsqConvener Initiatives for Patriotic Nigerians, Abubakar Kurawa stated that it is not in dispute that proliferation of liquid cash in the hands of many create more damage than good to the country, be it Economic, Political or Security wise.

“Let’s talk about Security first: there is no gain saying that criminals such as kidnappers, drug dealers, oil thief and the so many not mentioned, always makes use of cash to achieve their illicit goals.

“Given this fact, Couple with the present security challenges across the country, all hands must be on deck to ensure that necessary support is provided to curb the menace. In the case of CBN, the support it can give in this regard, is to curtail the money in circulation, hence this policy can’t be more timely.

“Also, this is an election period. Due to amendments of Electoral Acts which makes open manipulation of election results practically impossible, some politicians are likely planning to indulge in massive vote buying (we witnessed what happened in recently concluded EKITI and OSUN Gubernatorial Election).

“To this end CBN is playing its corporate social responsibility by making sure that huge cash withdrawals is made very difficult or impossible. By this it help in ensuring free and fair elections,” he said.

Kurawa said, as the center piece of the Nigeria’s economy, The Central Bank of Nigeria will be more effective in managing the economy when this cashless policy is fully implemented. Inflation would be brought to its minimal while exchange rate will be firmly in control.

According to him, the cashless Policy has been in place only in principle in the past, but now, with the introduction of the new transactions limit by the Governor of Central Bank and his Team, the policy may be fully operational with its concomitant benefits to the nation.

He added that we at the Initiatives for Patriotic Nigerians are fully behind Mr Emiefele and his team for this giant stride as we invite all well meaning Nigerians to support the policy.