Experts Blast CBN’s Cash Limit On ATM Withdrawal

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Mr Godwin Emefiele, CBN Governor.
Mr Godwin Emefiele, CBN Governor.

Following Central Bank’s downgrade of cash limit on Automated Teller Machine, some financial experts and analysts on Tuesday said the Central Bank of Nigeria (CBN) limit on cash withdrawal via the Automated Teller Machine (ATM) 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).

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.

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“The policy will lead to hardship in the economy and it will affect the confidence of businessmen in the banks,’’ Osabuohien said.

The don 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,’’ the don said.

NAN reports that the policy was part of CBN measures to curb illicit financial flows out of the economy.

Another financial expert, Prof. Sheriffadeen Tella, believed that the policy was only going to be a temporary measure.

According to him, the directive is not a major instrument for the strengthening of the naira.

Tella, who lectures at the Department of Economics, Onabisi Onabanjo University, Ago Iwoye, Ogun, said the policy was an attack on the CBN cashless policy.

“We are not running a full cashless economy yet. The CBN would have raised the bar higher for those who want to make huge transactions,’’ Tella said.

 

 

SEE ALSO:NNPC To Be Solely Responsible For Importation Of Petroleum Products- CBN Governor, Emefiele

 

 

 


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