Stakeholders in the financial sector and businessmen said the Central Bank of Nigeria (CBN) limit on cash withdrawal through the Automated Teller Machine may lead to a disruption of cash flow. They spoke against the backdrop of the recent CBN policy which pegged the daily cash withdrawal from the ATM at 300 dollars (N60,000 from N150,000).
They told newsmen in Lagos that the policy was a contradiction of the cashless regime earlier espoused by the apex bank. An economist, Dr Evans Osabuohien, said that the policy was a contradiction of the cashless policy of the CBN. Osabuohien, who lectures at the Department of Economics and Development, Covenant University, Ota, Ogun, added that the policy would have adverse effects on businessmen.
“The policy will lead to hardship in the economy and it will affect the confidence of businessmen in the banks,” Osabuohien said. He also noted that the policy might force bank users to look for other ways of banking their money without undue restrictions.
“I think that this policy may force people to keep their monies in their houses with the attendant security risks,” as stated by Dr Osabuohien
No comments:
Post a Comment