The ADC candidate submitted that the Nigerian economy has collapsed but the ruling All Progressives Congress (APC) is trying to cover it up.

The presidential candidate of the African Democratic Congress (ADC), Dumebi Kachikwu has condemned the Central Bank of Nigeria (CBN) over its new cash withdrawal policy.

He said the plan is an attempt to cover a bigger problem.

The ADC candidate submitted that the Nigerian economy has collapsed but the ruling All Progressives Congress (APC) is trying to cover it up.

According to Kachikwu, the APC is only scamming Nigerians but the people of the country have failed to realize this.

The politician made the submission in his reaction to the new N100,000 per week withdrawal policy of the CBN set to take effect on January 9, 2023.

CBN had revealed the plan to limit over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000 per week, respectively.

In the circular issued on Tuesday issued by the CBN’s Director of Banking Supervision, Haruna Mustafa, the policy limits cash withdrawals via point-of-sale machines and automated teller machines to N20,000 daily and N100,000 weekly, respectively.

The apex bank added that only N200 and lower denominations will be loaded into the ATMs and restricted withdrawal to N20, 000 per day from ATMs.

Reacting to the new policy, Vanguard quoted Kachikwu as saying the government has completely run out of ideas and solutions.

He said; “The APC Government continues to wag the dog and unfortunately most Nigerians fail to realize they are being scammed.

“The Nigerian economy has collapsed and instead of admitting that they have run out of solutions, they continue to deceive the gullible public.

“I have always maintained that the redesign of the naira was a gimmick meant to cover up the collapse of the naira. They are deceiving Nigerians that it is about elections and most Nigerians are buying it but it is not true.

“Nigerians should study what happened in Lebanon, Greece, Zimbabwe and Venezuela and understand how failed governments restrict cash withdrawals to slow down the collapse of the economy. This is the same thing the APC government is doing.”

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