Nigerians already discouraged with CBN’s new withdrawal policy-Otitoju

The Central Bank of Nigeria (CBN) appears to be to have ruffled the feathers regarding its new policy on cash withdrawals.

While many Nigerians have voiced resentment against it, Senators have expressed concern over the new policy which they observed might stifle the economy.

Also mobile money operators and Bank customers have expressed opposition to the new regulations on withdrawals saying the
Apex Bank wants to send them out of business.

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The Association of mobile money and Bank agents in Nigeria insisted that the policy will not fly as it will dampen business for Mobile
Banking agents.

Veteran Journalist Babajide Kolade-Otitoju speaking on CBN’s new withdrawal policy limit said it is not enough to support every action the government or agencies take.

“When such polices are reeled out, you have to engage your brain and ask questions”

According to him, this might be a good policy whose time was yet to come.

“Emefiele want to get everyone not to spend cash but you can’t turn Nigeria into a country like the UK that the country is largely credit based.

“We have issues of infrastructure.

“A lot of rural areas don’t have banks, also largely due to issues of insecurity, people living the rural areas are largely dependent on mobile money operators.

“Also in the urban setting, a lot of people still use them because of the stress of the queue at the banking halls.

“These are the people who are going to suffer it more because of the withdrawal limit of not more than 20,000 daily.

The CBN only implemented the cashless policy in a few states and now wants it to be implemented throughout the country.

Mr. Otitoju pointed out that the CBN’s new withdrawal limit policy has already discouraged Nigerians from using and keeping money in the bank because once the exchange of new naira notes with the old ones happen, people will keep their monies in their houses.

He expressed satisfaction that the CBN Governor Emefiele has been invited by the Senate adding that this is a policy that should not be allowed to work.

“This POS business has helped a lot of families even Corp members because they use it to help themselves and Emefiele is trying to send them out of business.

The CBN had said the new policy was aimed at curbing inflation.

Speaking further, Mr Otitoju noted that inflation cannot be curbed using a particular method.

“People are hungry, they don’t have money, they can barely survive.

“The cash being talked about is in the hands of the wealthy. Wealth in our country is not equitably distributed.

Mr Otitoju added that there are several other ways inflation can be cushioned.

“People can be empowered; economic policies that support growth and development can be implemented; and as the economy grows, there will be more money in people’s hands.

“Fix power, a lot of our people don’t need the federal government to give them money, provide the enabling environment for our people and you will be amazed at what will happen because our people are not lazy.