New Twist as Ohanaeze, Yoruba Youth Council Back CBN’s Withdrawal Limit Policy, Reveals Fresh Position
- The Nigerian federal lawmakers have been criticised for not supporting the new move by the Central Bank of Nigeria
- This is as the Ohanaeze Ndigbo and The Yoruba Youth Council backed the CBN's cash withdrawal limit policy, noting it is a welcome development
- Both groups in a statement urged the CBN to reveal to Nigerians the benefits attached to the policy noting, it would aid its acceptance, going forward
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The apex Igbo socio-cultural organisation, Ohanaeze Ndigbo Youth Council Worldwide and the Yoruba Youth council have thrown their weight behind the Central Bank of Nigeria (CBN) new cash policies.
The CBN last week announced cash withdrawal limit policy, which has generated mixed reactions from Nigerians.
Source: Facebook
However, the youth councils in separate statement by the national president of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike and his Yoruba counterpart, Comrade Eric Oluwole said the youths were in support of the decision of the apex bank, The Nation reported.
The group gives reason
The youth council leaderships berated members of the National Assembly for kicking against the policy, adding that corruption was fighting back.
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Onabuike said:
“At a time the economy is bleeding, Nigerians should support any measure aimed at stabilizing the Naira. The cash withdrawal limit is an effective monetary policy.
“We the Igbo youths are firmly in support of the policy as it would aid in fighting corruption which has been entrenched in the Nigeria system. We also have no doubt that it will help in the stabilisation of the exchange rate and reduce inflation."
Oluwole on behalf of the Yoruba Youth Council said that the redesign will accelerate Nigeria’s migration into a cashless economy as happening in many countries across the globe.
“The cashless policy being fully implemented by CBN is not new, as required steps in that direction, were taken in 2012 with Lagos State as a pilot scheme and Abuja and some other six states in 2013” he said.
Nigerians make N318 trillion worth of cashless transactions between January-November 2022
Cashless transactions in Nigeria rose to N318.66 trillion between January and November of 2022, as the Central Bank of Nigeria continues to intensify its cashless policy.
This is according to the Nigeria Inter-Bank Settlement System from data it gathers by monitoring amounts processed Point of Sales terminals (PoS) and the Nigeria Instant Payment System.
The new figure marks a 45.75% increase compared to the N224.79 trillion it recorded in the corresponding period of 2021.
New cashless policies force hoarders to reveal naira
Since the CBN issued a deadline for old naira notes to be deposited in banks across the country, several denominations of the naira printed as far back as two decades ago have resurfaced.
It would be recalled that even some of the banks have reiterated the January 31, 2023 deadline in emails and text messages to their customers, to either deposit the old naira notes or risk rejection.
As a consequence to the hoarding of the naira, several social videos have captured naira amounting to thousands and sometimes millions destroyed by the forces of nature.
Source: Legit.ng
