The Nigeria Employers’ Consultative Association, NECA, has voiced worry about the Central Bank of Nigeria’s, CBN’s, N100,000 cash withdrawal restriction, stating there is “no doubt that the livelihood of many individuals and enterprise sustainability would be compromised.”
In response to the new policy, Wale-Smatt Oyerinde, Director-General of NECA, stated, “As is customary with the Central Bank of Nigeria (CBN), the Bank announced a new naira withdrawal policy without extensive consultation with organized businesses and those who will be directly impacted by the policy.”
The NECA boss said this new policy is a diversion and a distraction from the fundamental concerns confronting the country.
Oyerinde, who bore the mind of NECA said that with the inflation rate hovering above 20% and over 100 million Nigerians living in multidimensional poverty, the best that the government can do is not further stifle Nigerians’ economic activities.
NECA position revealed there is little doubt that many people’s livelihoods and business sustainability would be jeopardised by the new monetary policy.
You can read more of such stories at Credible News.
- Civil Organization Kicks Against Withdrawal Limit, Fixes Dec 13 to Shutdown CBN
- CBN Makes New Withdrawal Policy For Individuals and Companies
- CBN Will Henceforth Determine The Amount You Can Withdraw from Your Account
Oyerinde, the Director-General of NECA said: “While it is desirable to bring all bankable individuals and businesses into the banking system and promote the CBN’s cashless policy, the timing without adequate preparation and sensitization of the critical mass that drives the economy (SMEs and MSMEs) may prove counter-productive and drive many further below the poverty line.”
“This is just another typical illustration of the government’s contradictions and misalignments in fiscal and monetary policies. It is ludicrous to openly impose processing fees on individuals and firms who want to withdraw their hard-earned money from the bank for legitimate and genuine business activities.”
“It is also worth noting that the banking infrastructure and mobile/digital capabilities required to drive the cashless policy are not yet fully established. This is not just harsh, but also inhumane.
“We urge the CBN, and indeed the Federal Government, to imitate the zeal and speed with which this strategy was implemented in order to address the concerns of diminishing Naira value, growing inflation, oil theft, ballooning foreign debt, and lifting millions out of poverty.”
“While Nigerian businesses are groaning under the load of poorly thought-out government policies, additional misery should not be heaped on them as the holiday season approaches,” NECA added.
You can read more of such stories at Credible News and The Cheer News
