Adamu Bulkachuwa, a federal lawmaker representing Bauchi North Senatorial District, says the Central Bank of Nigeria’s (CBN) cash withdrawal limits have serious implications for the 2023 general elections.
He claimed that the CBN’s policy is political, despite the fact that the CBN has stated that it has no political objectives.
“It looks so (political), even if they say it isn’t, because I have never been in a situation where people are subjected to a situation during elections and electioneering campaigns where they can’t 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.