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Cash Withdrawal Limits: Oby Ezekwesili Attacks CBN, Bemoans Policy
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Cash Withdrawal Limits: Ezekwesili Attacks CBN, Bemoans Policy

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The newest policy of the Central Bank of Nigeria (CBN) on cash withdrawal limits to N100,000 per week (from over-the-counter, point-of-sale [POS] machines or automated teller machines known as ATM), while organisations can access N500,000 per week has attracted reaction from the former Education Minister, Oby Ezekwesili.

She accused the Nigeria’s apex financial institution of punishing innocent Nigerians for the sins they never committed.

CBN had on Tuesday announced a policy on the cash withdrawals over the counter.

The apex financial institution also limited withdrawal at POS terminals to N20, 000 per day for individuals, stating that the directive would take effect from January 9, 2023.

This development was indicative of CBN’s preparation to effect a change of naira notes in circulation starting from December 15.

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According to Ezekwesili, who commented on the proposed monetary policy in a series of tweets on Wednesday, described it as disastrous.

She slammed the CBN for making life difficult for ordinary Nigerians through its policies.

She wrote, “What is with this constancy of disastrous Monetary Policies by the Central Bank of Nigeria (CBN)?

“How did an institution that should model respect for Economic Evidence in Policymaking become an expert on an agent of suffering in this country?

“You know that a policy entity has completely lost the plot when all sound evidence-based tools are abandoned in preference for policy guidelines with the high administrative cost of enforcement and a nightmare for innocent people. Punishing the innocent for the sins of the guilty?”