MIXED REACTIONS CONTINUE TO TRAIL THE NEW CBN POLICY ON WEEKLY LIMITS TO CASH WITHDRAWALS.
Written by AIGBOKHAEBHO OKHUELEIGBE on December 9, 2022
The new policy of the Central Bank of Nigeria limiting daily cash withdrawals by individuals and corporate organizations has continued to generate reactions from a cross-section of Nigerians. In Jos, the Plateau state capital, most respondents say the timing is not right.
This new policy of the central bank has been met with mixed feelings. While some people are optimistic about a better economy, others are concerned that the poor masses, especially those at the grassroots, will not have it easy.
The red chamber also kicked against plan by the Central Bank of Nigeria (CBN) to limit cash withdrawal by any individual to N100,000 and corporate bodies to N500,000 per week from January 9, 2023.
Many Nigerians say there is a need for more awareness and sensitization about the new policy and called on the CBN to go back to the drawing board and re-strategize.
While some hoped that the policy would encourage more Nigerians to use alternative channels to carry out their banking transactions, others criticised the policy, saying it would have a negative effect on daily businesses.
While most Nigerians are still wandering and waiting to see how this new policy will unfold, it is hoped that the CBN will ensure that all stakeholders are carried along.