A lecturer at Ahmadu Bello University Zaria,Department of Economics, Professor Ishaq Modibo, has kicked against the new Central Bank of Nigeria, CBN’s policy of cash withdrawal
Reacting in Kaduna Professor Modibo said The new policy ,if implemented would cripple the economy leading to more Job loses.
According to him, all Point of Sales Operators (POS) will lose their jobs since the CBN has fixed a daily withdrawal limit of N20,000 per day, adding that business transactions involving cash withdrawal would equally disappear as the policy would make people poorer.
However ,He emphasizes that those many rich Nigerians would get poorer, as they would no longer have access to their money, and they would be scarcity of money in the country .
He Added that When the principal or school proprietor demands for school fees, children would have to stay back for days.
Parents would have to withdraw hundreds of naira within weeks before their kids may get back to school since some of the school authority may not even want transfer.
He said Everybody needs cash which would be limited in circulation when implemented.
It would be recalled that the Central Bank Of Nigeria, on Tuesday, imposed fresh cash withdrawal limits on individuals and organisations.
The new policy, which takes effect from January 9, 2023, as indicated in a memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, stated that individuals would only be able to withdraw N100,000 per week (from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisations can access N500,000 per week.
Banks have also been directed to load only N200 and lower denominations into their Automated Teller Machines.
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