2023: Why Cash Withdrawal Limit Policy Is Plot Against Masses, Opposition – Prince Adebayo

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Presidential Candidate of the Social Democratic Party, SDP, Prince Adewole Adebayo, has described the Central Bank of Nigeria, CBN, N100,000 a week withdrawal limit policy that will begin on January 9, 2023 as a plot against the masses and opposition.

Asked his take on the policy, Adebayo said: “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”, he said

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