A member of the House of Representatives from Jigawa state, Magaji Dau-Aliyu, insists the latest cash withdrawal policy set to be implemented by the Central Bank of Nigeria will cause more harm than good.
He is making his views known ahead of Thursday’s expected visit of the Governor, Central Bank of Nigeria, Godwin Emefiele, to the House.
Magaji Dau-Aliyu insists over 60,000 Point of Sales, PoS, Vendors will be thrown out of jobs if the money policy is allowed to stay.
In his thinking, this could further worsen the current security situation in the country.
He describes the policy as unfavourable to majority of those he represents who live in core rural areas lacking the presence of banks.
Magaji Dau-Aliyu also disagrees with the CBN Governor that the intervention will halt rising inflation.
He added that the Policy as it is slated for implementation will lead to Job losses especially in rural areas and create a schism that will be almost impossible to address.
He urged the Federal Government to have a rethink and review the policy before its implementation by the Central Bank of Nigeria.
The Federal Government had through the Central Bank of Nigeria announced a redesign of the Higher denominations of the nations’ currency, Naira, and also announced that it will be moving forward with the implementation of the Cashless Policy started 10 years ago.
The Highpoints of the Policy includes a Twenty Thousand Naira daily withdrawal limit on Individual accounts through the POS or the ATM and a weekly limit of One Hundred Thousand Naira among Others.
The announcement had led many to come out to challenge the Policy as one that will make life more difficult especially for those in the Semi Urban and Rural Areas.
Experts have however backed the Policy describing it as the first time the Federal Government is making a Policy that will have a positive and direct impact on the lives of the people.
