CBN: Cash withdrawals limit not based on politics

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The Central Bank of Nigeria (CBN) says its cash withdrawals limit policy is not based on politics, stressing that it was sequel to critical thinking, research, and other considerations.

The CBN Deputy Governor, Aisha Ahmed, said this while fielding questions from the members of the House of Representatives during plenary in Abuja on Thursday.

Ahmed represented the CBN Governor, Godwin Emefiele.

The CBN Deputy Governor, while responding to a question by Chinedu Obidigwe (APGA-Anambra) who asked if the cash withdrawals limit policy was aimed at favouring the ruling All Progressives Congress(APC) in the 2023 general election, added that the apex bank has ordered N500 million to be printed for circulation.

She stated that the CBN had been flexible by reviewing the policy upward from N100,000 to N500,000 for individuals and from N500,000 to N5 million for corporate bodies.

Ahmed noted that the policy was expected to create new jobs in the ICT sector, contrary to insinuations that it would lead to job loss.

She said the operators of Point on Sale (PoS) would not be affected by the policy, adding that the CBN was aware that the PoS had created a means of livelihood for about 44 million Nigerians.

The House of Reps Speaker, Femi Gbajabiamila, said the reason why the House should be briefed on such policy was because the lawmakers represented the people.

Gbajabiamila added that although the naira redesign may be a good intention, it was necessary for the apex bank to carry the lawmakers along.

The Speaker queried the CBN’s rationale for three months’ notice when other apex banks usually gave more than a year’s notice for such policies.

“How come can we rationalise three months’ notice in a cash-full society compared to England where a year’s notice was given,” he said.

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