The Nigeria Citizen Action Groups (NCAG) has given the governor of the Central Bank of Nigeria. Mr Godwin Emefiele a week’s ultimatum to reverse the withdrawal limit policy it announced Tuesday, vowing to shut down the CBN on December 13 if it was not reverted.
It described the new policy as a plot to kill small and medium-scale businesses, expands unemployment in the country, aggravates insecurity and poverty across the country.
CBN governor Godwin Emefiele had earlier on Tuesday announced a new monetary policy that mandated banks and other financial institutions to ensure that withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, per week.
Reacting to the monetary policy, the spokesperson of Nigeria Citizen Action Groups (NCAG), Ambassador S A Lukman said Nigerians reject the policy and immediately called for the sack of the Mr Godwin Emefiele.
While urging Emefiele to honorably resign his position as Governor of Central Bank of Nigeria between now and 7 working days, he added that failure reverse the policy, he risks mass protest action by Nigeria youth.
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”Our civil society group shall be leading a massive crowd of concerned Nigerians, civil society and youth groups to shut down Central Bank of Nigeria headquarters in Abuja on Tuesday 13th December 2022 in case Gov Emefiele refused to toll that path of honour,” he said.
Credible News reports that the announcement of the revised policy on cash withdrawal limits by Emefiele was not only shocking but symbolized the height of insensitivity and cluelessness on the part of the CBN governor.
Lukeman said: “A nation with the highest unemployment rate, ranked as the poverty headquarters of the world, with an unprecedented insecurity situation at hand, is announcing a policy that automatically kills small and medium-scale businesses.”
”Emefiele has displayed a high level of cluelessness, ineptitude, incompetency and loss of direction. President Muhammadu Buhari must act to rescue Nigeria’s economy now before Emefiele collapse the economy through anti-human policy.
“Small and medium scale businesses that trade with cash in remote areas, from farms to markets, where calling networks do less talking than data networks, will automatically be affected, and millions of youth will become jobless in the coming days as the limitation of POS maximum withdrawal to 20,000 per day will make the business unattractive, hence more idle hands will become available for insecurity.”
The moment small trading is made impossible owing to the enforcement of cashless policies even in the informal sector in remote areas, poverty accumulation becomes inevitable.
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