Reactions have continued to trail the new monetary policy of the Central Bank of Nigeria limiting over-the-counter cash withdrawals to 100 thousand naira per week. 

The policy according to CBN takes effect nationwide on January 9, 2023.

The issue has generated divergent opinions as some residents of Ibadan expressed their concerns.

A POS operator, Miss Tobi Adebogun said, “the order is going to serve as a restriction to my business but there’s nothing the public can do since it is a government decision”.

A trader at Dugbe market, Mrs Adeola Abass explained that “the decision will have a negative effect on citizens especially people at the grassroots that do not even know how to make an online transaction.”

Another businessman, Abdulrasheed Latinwo was of the opinion that it is a welcome development to curb crime and “we have to support the government”.

On his part, Mr Ifeoluwa Ayodele noted that the new policy will make “banks more crowded without considering the time wastage of the customers”.

They appealed to the apex bank to give more publicity on the issue to reach those in the rural areas about the new policy.

Commenting on the policy, an economist, Mr Michael Abegunde enumerated the prospects in the cash withdrawals limit policy by the CBN. 

“That decision will help to reduce the level of inflation, help government to have control on the money in circulation, it will also help to reduce crime and people will no more going about with the big money”.

Mr Abegunde said the apex bank’s decision would increase the unemployment level, as it would lead to a reduction in the volume of daily financial transactions for POS operators. 

“That will reduce the patronage of POS machines and it will make the POS machine become a less-profit business and as a result of that many people will go out of the business.” He said

While commending the apex bank, Mr Abegunde appealed to Nigerians to be mindful of fraudsters who might want to utilise the opportunity to defraud them, urging people to be cautious when undertaking financial transactions.

Olukemi Akintunde

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