Politics
Bulkachuwa: CBN cash withdrawal limits will have an impact on elections in 2023
The Bauchi North Senatorial District lawmaker, Adamu Bulkachuwa, has stated that the Central Bank of Nigeria’s cash withdrawal limits may have a significant impact on the 2023 general elections.
During an appearance on Channels Television’s Sunday Politics, Bulkachuwa expressed his concern.
Following the release of the redesigned N200, N500, and N1,000 notes in early December, the CBN set the daily withdrawal limit via ATMs and Point of Sale (PoS) terminals at N20,000.
The policy also required banks to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities did not exceed N100,000 and N500,000, respectively.
Bulkachuwa, on the other hand, has called the apex bank’s policy political.
“It looks so (political), even if they say it isn’t, because I have never been in a situation where people can’t even buy fuel for the cars they drive on campaigns,” he said.
“How do you explain that it will have no effect on the elections or has nothing to do with the elections?”
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