Emmanuel Alfred

Prince Adewole Adebayo has criticized the decision to set a withdrawal limit by the Central Bank of Nigeria(CBN) by calling it “a scorched earth policy against the poor masses”.

The Presidential Candidate of the Social Democratic Party (SDP) said this when quizzed on the the policy by media personnels .

The decision which was announced by the CBN Governor, Godwin Emefiele on Tuesday, December 6, 2022 stating that there will be a one hundred thousand Naira (N100,000) a week withdrawal limit to every transaction and it will begin on January 9, 2023.

Prince Adebayo who called this “a plot against the masses and opposition” added that “It is not a policy. It is a scorched-earth stratagem against the masses and perceived opposition”.

He further said that, “While a cashless society is desirable, macroeconomic considerations warrant a well thought out plan to ensure that common people don’t suffer decline in productivity and financial intermediation hiccups that amount to virtual exclusion from mainstream economic participation.

“This rash measure taken by the Central Bank is yet another cosmetic bandage over a festering sore of fiscal irresponsibility, monetary recklessness and lax security settings. They won’t produce any desired results other than create income for promoters of payment systems.

“This is a systematic capture of vast swathes of the financial transactions by those remote controlling the apex bank
“I disagree with the measures just taken by the CBN. They need to be revised.”


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