The presidential candidate of the Social Democratic Party, Prince Adewole Adebayo, has described the Central Bank of Nigeria's (CBN) N100,000 per week withdrawal limit policy, which will take effect on January 9, 2023, as a plot against the masses and the opposition.
Adebayo stated his opinion on the policy as follows: “It is not a policy. It is a scorched-earth stratagem against the masses and perceived opposition.
“While a cashless society is desirable, macroeconomic considerations warrant a well thought out plan to ensure that common people don’t suffer decline in productivity and financial intermediation hiccups that amount to virtual exclusion from mainstream economic participation.
“This rash measure taken by the Central Bank is yet another cosmetic bandage over a festering sore of fiscal irresponsibility, monetary recklessness and lax security settings. They won’t produce any desired results other than create income for promoters of payment systems.
“This is systematic capture of vast swathes of the financial transactions by those remote controlling the apex bank.
“I disagree with the measures just taken by the CBN. They need to be revised.”
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