Central Bank Policy On Limited Withdrawals Is Like Trampling On Rights Of Nigerians – Financial Expert, Muda YusufCBN, in a memo on Tuesday, announced a limit on cash withdrawals made by individuals and organisations with effect from January 9.
The bank directed that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week. It also directed that only N200 and lower denominations should be loaded into banks’ ATMs. The House of Representatives on Thursday also summoned the Governor of the Central Bank of Nigeria , Godwin Emefiele over the new policy introduced by the Apex bank.
Dr Yusuf pointed out that CBN needs to think through this policy properly to avoid creating more problems than it sets out to solve. "There is a difference between money supply and currency in circulation. Total money supply as at October 2022 was N50.6 trillion. Total currency in the economy was just N3.3 trillion, which is a mere 6.5% of money supply. Currency outside banks as a percentage of total money supply is even less- 5.5%.
"It will negatively impact on the informal sector of the economy. The informal sector is a significant part of the economy accounting for over 80% of trade and commerce in the Nigeria economy and substantial components of jobs in the economy.
Oga Muda, so you're in full support of individuals hoarding the currency for their own selfish interests huh? So you're not in support of cashless policy for Nigerians in this 21st century right Gradually we don dey know who is who.
Financial expert isonu.
If this policy succeeds in checkmating kidnapping, how is it a 'trampling'? How's it not madterful? Every Nigerian still has full access to their funds by: Online transfers, POS, cheques, etc. No limits by these. What's wrong with us