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Politicians Kick Against CBN’s New Withdrawal Limits

By Glam & Essence

The new cash withdrawal limits that will be implemented by the Central Bank of Nigeria (CBN),has become a source of concern for Nigerian politicians especiallt.
According to them,the new limit will drastically affect the political process.
For members of some parties like
The Peoples Democratic Party (PDP), Social Democratic Party (SDP), Africa Democratic Congress (ADC) and African Democratic Party (ADP),they claim that the policy would affect the fundraising required by the candidates to sustain their campaigns ahead of the 2023 elections.
The African Action Alliance, Zenith Labour Party, and the All Progressives Grand Alliance stated in an interview they granted separately that the new limit would impact the poor rural dwellers the most.
The CBN Governor, Godwin Emefiele,has been accused by the Adamawa governor,Ahmadu Fintiri of targeting the political class with the new cash withdrawal limit, which restricts over-the-counter cash withdrawal by individuals and companies to N100,000 and N500,000, respectively, per week,while limiting point-of-sale machines and automated teller machine withdrawals to N20,000 daily.
Other decisions politicians found concerning that has generated criticisms is the CBN’s decision on withdrawals.
According to the new bank policy,withdrawals above the thresholds would attract processing fees of five per cent and 10 per cent, respectively, for individuals and corporate entities going forward.
That third-party cheques above N50,000 shall not be eligible for OTC payment, while extant limits of N10m on clearing cheques still remain.
The policy becomes effective on January 9, 2023.

Glam & Essence Magazine