In response to the Central Bank of Nigeria’s new cash withdrawal policy, which limits individual cash withdrawals to 100,000 naira per week and corporate withdrawals to 500,000 naira, the Nigerian Senate ordered the Apex Bank to alter the withdrawal limits in response to public uproar.
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The Senate also directed its committee on banking to embark on aggressive oversight of CBN on its commitment to flexible adjustment of the withdrawal limit.
Meanwhile, the new 200 naira, 500 and 1 000 naira notes have gone into circulation.
Speaking on if this move by the Senate will yield positive outcome, Associate Editor of The Nation, Adekunle Yusuf said it depends on what the president wants.
According to him, this is a good thing for Nigerians but the elites will not want it especially politicians because of the upcoming general elections as regards vote buying.
The CBN has stated that there will be fewer 1000 naira notes in circulation and more lesser denomination notes, implying that people will be discouraged from carrying huge amounts of cash.
“Those who are against this policy need to be asked if they really want the country to be better because if we want this country to work we need to make a lot of sacrifices.
“The models are there for us to copy, some of these things working in other countries are not working here. Nigeria is not working, the economy is not working, our policies are not working.
“Nothing is working in Nigeria except corruption and if we get this policy right, corruption will be very difficult’
Mr Yusuf stated further that those involved in kidnaping, terrorism merchants which make use of big cash will be easy to trace.
Speaking further on the issue, Public Affairs Commentator, Mr Lekan Sote said if it is about security then we need to see electronic trails about how money moves.
Mr Sote added that Nigeria must fully utilize digital technology, adding that the CBN’s withdrawal limit is reasonable, but we must proceed gently.
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