Adamawa State Governor, Ahmadu Fintiri has claimed that the cash withdrawal limits set by the Central Bank of Nigeria (CBN) were put in place to hurt politicians.
Fintiri maintained that Friday that CBN Governor Godwin Emefiele has by the policy targeted the political class.
While reacting to the new CBN policy during his 2023 governorship campaign engagement in Kala’a, a community in Hong local government area, Fintiri submitted that the policy, coming shortly after Emefiele’s unsuccessful foray into politics, could only have been retaliatory.
‘What is breeding poverty? Economic policies. Look at the one that is about to be implemented by the Central Bank which would further throw the country into poverty. Nobody is saying the economy shouldn’t be cashless, but take time and do it systematically.’
Read Also: CBN Limits Cash Withdrawals To ₦20,000 Daily, ₦100,000 Weekly
‘We shouldn’t do it as if some people wanted to be politicians and they were denied the opportunity, then they use their office to punish the politicians,‘ Fintiri said.
Fintiri, sounding like he truly believed that the CBN is out deliberately to hurt some people with its cash policy, tasked holders of key national institutions to always act in the overall national interest.
The governor, in his remarks at Ka’ala, also reiterated his call for true federalism, in line with his call earlier on Thursday on relevant authorities to amend the constitution to allow for a true federation where states make their money and have full control of it.
Africa Today News, New York had earlier in the week reported that in a rather shocking move, the CBN has announced the decision to restrict cash withdrawals from over-the-counter, Automated Teller Machines (ATMs) to ₦100, 000 and ₦500, 000 per week for individuals and corporate organisations, respectively from next year.
The apex bank made this disclosure on Tuesday in a circular signed by the Director, the Banking Supervision Department of CBN, Mr. Haruna Mustafa to all deposit money banks (DMBs) and other financial institutions (OFIs).
He stated that daily withdrawal from ATMs will now be ₦20,000 subject to ₦100,000 per week.
The CBN also directed DMBs and OFIs to load only N200 and lower denominations into their ATMs.
However, these positions were not acceptable to mobile money operators as well as the organised banks’ customers, who have now threatened to take steps to express their opposition to the new regulations.