Adamu Bulkachuwa, a federal politician who represents the Bauchi North Senatorial District, claims that the CBN’s cash withdrawal limits will have a significant impact on the 2023 general elections.
Although the CBN has stated that it has no political objectives, he claimed that the apex bank’s policy is political.
“It looks so (political) even if they say it is not because I have never been in a situation whereby during elections and electioneering campaigns where people are subjected to a situation where they cannot even buy fuel for the cars they take on campaigns,” Bulkachuwa said on Channels Television’s Sunday Politics.
Cash Withdrawal Limit: Falana, PoS Operators In Lagos Threaten Lawsuit Against CBN
Early in December, the CBN set a limit of N20,000 for the daily maximum withdrawals using ATMs and Point of Sale (PoS) terminals.
The CBN claimed that the new policy followed President Muhammadu Buhari’s November 23, 2022, introduction of the revised N200, N500, and N1,000 notes.
It instructed banks to make sure that corporate entities’ and individuals’ monthly over-the-counter (OTC) cash withdrawals did not exceed N100,000 and N500,000, respectively.
The “countrywide” aspect of the policy, according to Bulkachuwa, “has major ramifications because the election itself is nationwide,” he added on Sunday.
CBN’s Intervention Funds Causing Inflation, According To World Bank
“So, how do you reason that it will not affect the elections or how do you explain that it has nothing to do with the elections?” he questioned.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.