Adebayo predicted that the move will not produce desired results but will only negatively affect the masses and perceived opposition.

The presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo has frowned at the Central Bank of Nigeria’s new cash withdrawal policy.

According to Adebayo, the new policy will not produce desired results but will only negatively affect the masses and perceived opposition.

The SDP candidate added that though a cashless society is a good thing, the measure taken by the CBN wasn’t well thought out.

He added that the move is simply an attempt to cover up the fiscal irresponsibility, monetary recklessness, and lax security settings of the current All Progressives Congress (APC) government and called for a policy revision.

He said as quoted by Vanguard: “It is not a policy. It is a scorched-earth stratagem against the masses and perceived opposition.

“While a cashless society is desirable, macroeconomic considerations warrant a well thought out plan to ensure that common people don’t suffer decline in productivity and financial intermediation hiccups that amount to virtual exclusion from mainstream economic participation.

“This rash measure taken by the Central Bank is yet another cosmetic bandage over a festering sore of fiscal irresponsibility, monetary recklessness and lax security settings. They won’t produce any desired results other than create income for promoters of payment systems.

“This is systematic capture of vast swathes of the financial transactions by those remote controlling the apex bank.

“I disagree with the measures just taken by the CBN. They need to be revised.”

Recall that the 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, the apex bank stated that the new policy will take effect nationwide on January 9, 2023.

The CBN stated that when the policy is implemented all cash withdrawals in excess of the above-mentioned restrictions will be subject to processing costs of 5 and 10 percent, respectively.

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