SDP Presidential Candidate, Adebayo Faults New CBN’s Cash Withdrawal Policy

The Social Democratic Party (SDP) Presidential Candidate, Prince Adewole Adebayo described the new cash withdrawal limit by  Central Bank of Nigeria as a plot against the masses and opposition.

Prince Adewole Adebayo while reacting to CBN’s N100,000 a week withdrawal limit policy that will begin on January 9, 2023, said: “It is not a policy. It is a scorched-earth stratagem against the masses and perceived opposition.

According to him, 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.” He explained

“This is systematic capture of vast swathes of the financial transactions by those remote controlling the apex bank.”

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