Naira Redesign: Nigerian politicians uncomfortable with CBN’s new withdrawal policy 

The Central Bank of Nigeria (CBN) has set a limit on the amount of money that an individual or business organisation can withdraw over the counter and how much can be gotten from ATMs.


According to the new policy, individuals can only withdraw a total of N100,000 over the counter, and this is on a weekly basis. In other words, someone who wants to withdraw N1 million and goes into the banking hall instead of using an ATM would have to wait 10 weeks and withdraw N100,000 per week.


CBN has stolen the attention of Nigerians everywhere with the new policy. If it all goes as the apex money-related agency intends, then there would be a lot of aggrieved politicians starting January 9, 2023, the day that the policy would take effect. As a consequence, all those that turned up their noses at the news of CBN Governor Godwin Emefiele doing his best to reduce vote-buying in the coming elections have had to revise their opinion.


As things stand now, politicians are already more afraid of CBN than the Economic and Financial Crimes Commission (EFCC). After all, EFCC comes knocking on doors after funds have been stolen. But CBN seems set on preventing these bad people from positioning themselves where they can steal. Therefore, they would have to take it up with their handlers at the Senate, and that is the latest news reaching the streets—that the senators are concerned about the policy and wish to advise CBN on reducing the ‘death sentence’ withdrawal as it would affect small business owners.


Of course, corrupt politicians do not have a care in the world for small business owners but for themselves.


Nevertheless, the Senate has a point about the policy affecting small business owners. So, now, it is a question of ensuring that the next president of Nigeria is elected in a free and fair manner or having small business owners suffer for a little while.





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