Reactions Trail CBN Withdrawal’s Limit

Nigerians have strongly condemn the Godwin Emefiele’s Central Bank of Nigeria (CBN) cash withdrawal limit policy describing it as a calculated way of inflicting more economic pains to Nigerians and more damages to the country’s economic growth.The criticisms come up as the Central Bank Governor recently announced that by the 9th of January that New Naira Cash Withdrawal policy limits withdrawals to N100,000 only. 

Our Reporters in Port Harcourt interviewed some Nigerians who express their dissatisfaction and displeasure with the policy describing it as a witch-hunt especially as it affects the common man, small scale business owners and the economy at large.

An elder statesman and economist describes the withdrawal limit policy by the CBN Governor as deadly policy capable of hampering economic development and growth as it is frustrating to the business sector.
He questioned how ordinarily under the Nigeria inflation level a man would withdraw N100000 per week considering emergencies,bills, business, children’s education, rent, feeding, clothing and other daily expenses. He therefore cautioned that Emefiele should stop playing God with his position, and with intention to cripple small scale businesses and generally paralyses business activities.

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In a chat with our reporters, Donald Eze, a small scale businessman said that Godwin Emefiele took the decision because everywhere on his residence are stockpiled and padded
with local and foreign currencies.

A POS operator Charles Ogbole in a chat with our reporters expressed fears that the policy of withdrawal limit will render them jobless. He said POS business strives on physical money and anything that limits in the inflow of cash means the end of the business. Stating that this strict monetary policy will cause confusion and frustration on poor Nigerians with impunity. Mr. Ogbole however appeal to CBN to critically look into that policy and make amends.

Meanwhile, an economist Peter Medee said the recent policy and cash withdrawal by the Central Bank of Nigeria (CBN) will help to control inflation. Dr Medee a lecturer in the department of economics at the University of Port Harcourt however said that the CBN is fighting inflation without the corresponding level of productivity to increase supply. He said the situation will also affect investment and the demand for supply. Dr Medee further explained that CBN trying to reduce spending from the economy without corresponding production of goods and services, then they will end up destroying some aggregates in the economy thereby inducing hardship on the economy as well as creating more unemployment.

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Also, a public affairs analyst Emmanuel Ashapo told our reporters that the policy is to grow the economy by reducing the amount of money in the hands of individuals. He said it might not be a very popular opinion. Stating that people keeping money to themselves in their houses for whatever reasons does not help the real sector. He further explain that If you earn your money legally, you shouldn’t be scared of this policy because you do all your transactions online and you are only restricted to just carrying cash. Adding that your money in the bank is still your money. However, according to Mr Ashapo, . this policy took them unawares and the time frame is too short that they can’t do away with all those money, unless they give it back to the public.

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The House of Representatives had earlier reacted sharply demanding that the CBN Governor to halt the implementation of the New Cash Withdrawal Limit Policy and subsequently appear before the House which follows the point of order raised by Mark Gbillah.
Magaji Da’u Aliyu raised a motion that the new policy should not be allowed to stand as it will adversely affect the Nigerians especially the small scale business owners.

By Bestman Orji & Jane Nzeuzor PH