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Friday, July 19, 2024

Group warns against criticising CBN over cash policy

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Conference of Nigeria Political Parties (CNPP) has faulted critics of the Central Bank of Nigeria (CBN) new cash withdrawal limits, while commending the bank on the anticipated gains of the policy, especially ahead of the 2023 general elections.

In a statement by its Secretary General, Chief Willy Ezugwu, the CNPP explained that “Nigerians are suffering” because of bad governance and that every sacrifice towards getting the right leadership from 2023 is worth it.

“Bad governance is a product of Nigeria’s flawed electoral processes over the years, which threw bad and corrupt leaders on the masses. This became the case as a result of highly monetised electoral processes. Any process that will minimise the domination of the Nigerian political space by moneybags and corrupt politicians is worth whatever sacrifices by the ordinary citizens, who bear the brunt of bad governance the most.

He recommended applause rather than criticism for the CBN for the new cash withdrawal limits, while urging government to ensure that no politician or highly-placed individual influences banks to circumvent the cash withdrawal policy.

Meanwhile, coalition of Northern youth groups has raised the alarm that some politicians have resolved to discredit the policy.
Rising from their meeting in Abuja, yesterday, Arewa Youth Consultative Movement (AYCM) and Middle Belt Youth Forum (MBYF), expressed confidence in the new cash policy.
Convener of the groups, Godwin Meliga, said the policy was a lethal blow to vote-buyers, money launderers and financial criminals.

Urging Nigerians to support the policy, he stated that it is in the public interest and not designed against any section of the country.

“This policy will hand over the control of money in circulation back to the CBN and enable better management and control of the economy, inflation and other factors that will enable the Federal Government improve the lives of citizens,” Meliga explained.
It urged the National Assembly not to support any plot to use it to oppose the policy.

Meliga claimed that the groups were in possession of information about moves by corrupt politicians to infiltrate, particularly the House of Representatives, and lure the members to oppose the policy.

According to him now is the best time for the policy, as Nigerians regularly question the timing of every policy.

CBN, through a letter on Tuesday, directed all Deposit Money Banks (DMBs) to permit maximum of N20,000 daily or N100,000 weekly cash withdrawal across-the-counter, Automated Teller Machine (ATM) and Point of Sale (POS) machines for individuals. The limit for corporate organisations is N500,000 weekly.

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