ACF: Cash Withdrawal Limit May Result in Collapse of Informal Sector


John Shiklam in Kaduna

The Arewa Consultative Forum (ACF) has warned that the implementation of the cash withdrawal limit by the Central Bank of Nigeria (CBN) will result in the catastrophic collapse of the informal sector.

In a statement yesterday in Kaduna, the forum said the CBN may have the best of intentions while initiating the policy, but failed to consider its extreme consequences on the informal sector.

The statement signed by the Secretary General of the forum, Murtala Aliyu, noted that the CBN anticipated cashless payments, slated to commence in January, 2023, is well justified, stressing that cash based economies are notoriously costly, inefficient and prone to attacks by evil people.

According to the forum, “A huge amount of time and money is needed to print the currency and a lot more still to steer it through the system.

“The currency notes themselves have a shelf life after which they have to be replaced. Cash is the lifeblood of the…

Source: Thisday Newspaper