A federal lawmaker representing Bauchi North Senatorial District, Adamu Bulkachuwa says the cash withdrawal limits by the Central Bank of Nigeria (CBN) has serious implications on the 2023 general elections.
He said the apex bank’s policy is political though the CBN has said it no political target.
“It looks so (political) even if they say it is not because I have never been in a situation whereby during elections and electioneering campaigns where people are subjected to a situation where they cannot even buy fuel for the cars they take on campaigns,” Bulkachuwa said on Channels Television’s Sunday Politics.
The CBN, early December, pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.
The CBN said the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.
It directed banks to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
However, Bulkachuwa on Sunday said the “nationwide” nature of the policy “has serious implications because the election itself is nationwide”.
“So, how do you reason that it will not affect the elections or how do you explain that it has nothing to do with the elections?” he questioned.