Cash withdrawal limit: CBN says decision without political consideration

By Tom Okpe

The Central Bank of Nigeria (CBN) says its policy on Cash withdrawal limit is not based on political consideration, contrary to insinuations in some quarters.

CBN Deputy Governor, Aisha Ahmad, who represented the Governor, Godwin Emefiele at the

House of Representatives, on Thursday, said that politics was not the reason for adopting such policy.

This was after a question raised by Rep Chinedu Obidigwe, (APGA-Anambra State), asking if the cash withdrawal policy was not to favour the ruling party in a bid to rig the 2023 general elections.

On the amount that was spent printing the new notes, the CBN deputy governor said she did not know the specific amount, adding that she was not aware of the amount spent.

She however said that the apex bank had ordered for N500 million to be printed for circulation, adding that the CBN had been flexible by reviewing the policy from N100,000 to N500,000 and from N500,000 to N5 million.

Ahmad said: “Contrary to insinuations that people would lose their job due to the policy for its dependent in technology, the policy would rather open up new opportunities.

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“Operators of Point on Sales, (POS) would not be affected by the policy, the CBN was aware that the POS had created a means of livelihood for about 44 million Nigerians.

“Financial achievements by the CBN had led to increase and improvement in financial transaction, there had been evolution as a result of the initiative of CBN.”

Rep Femi Gbajabiamila, Speaker of the House on his part, said the reason why the House should be briefed before embarking on such policy was because the lawmakers represented the people.

He added that though the redesigning of the Naira may be good intention, but said it was necessary for the CBN to carry the House along in other to reach a middle way on the implemention.

Gbajabiamila also, queried the CBN on the rationale behind its three month notice, when other apex banks abroad gave more than a year on such policies.

“How come can we rationalize two three months’ notice in a cash-full society compared to England where they gave a year notice, but still operate a cashless society,” he queried.