December 08, (THEWILL) – The Middle Belt Youth Forum (MBYF) has commended the Central Bank of Nigeria (CBN), on its new cash withdrawal limits.
The apex bank had in a memo on Tuesday, announced a limit on cash withdrawals made by individuals and organisations, with effect from January 9, 2023.
According to the CBN, over-the-counter cash withdrawals by individuals and corporate entities will not exceed N100, 000 and N500, 000, respectively, per week. It also directed that only N200 and lower denominations be loaded into banks’ ATMs.
It said the maximum cash withdrawal per week via ATM should be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
On Thursday, the two chambers of the National Assembly expressed concerns about the implication of the policy.
However, expressing support for the policy, the youth group described the policy as a fatal blow to vote buyers, money launderers and financial criminals.
In a statement issued on Thursday, by its Leader, Meliga Godwin, the MBYF called on all Nigerians to support the apex bank to ensure the success of the policy, which it said was capable of repositioning the country and its monetary policies.
The statement read: “We are delighted at the new cash withdrawal policy of this administration as released by the Central Bank of Nigeria (CBN).
“This is a bold step towards tackling vote buyers, money launderers and financial criminals.
“As youths, we are now convinced more than ever before that this government is committed to sanitising the electoral process because we know that this policy will go a long way in fighting vote buying.
“We also know for a fact that the policy will combat money laundering and financial crimes.
“We, therefore, endorse it and enjoin all and sundry to support the policy.”
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