Udora Orizu writes that the National Assembly is kicking against the Central Bank of Nigeria’s new cash withdrawal policy for some suspicious reasons
The Senate and House of Representatives last week expressed concerns over the Central Bank of Nigeria’s (CBN) new cash withdrawal policy introduced for banks and other financial institutions.
The apex bank had in an apparent move to tackle vote buying as the 2023 elections draw closer, and control the amount of cash in circulation, introduced a limit on cash withdrawal.
The new policy followed the apex bank’s recent currency redesign in which it had expressed concerns over the high volume of cash outside the banking system. Under the new dispensation, the central bank restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000, respectively.
Since the return to civil rule in 1999, Nigeria’s politics has been…
Source: Thisday Newspaper