After the naira redesign and in a purported bid to boost cashless policy, regulate the amount of cash outside the banking system and clamp down on money laundering, vices and vote buying, the CBN led by Governor Godwin Emefiele directed that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500,000, respectively, per week – taking off January 9, 2023.
As a proponent of cashless policy, I applaud the motives behind this laudable policy but, with Nigeria’s current realities and peculiar conditions, serious danger looms if the policy is imposed by a fire-brigade approach. The government and CBN are supposed to take cognizance of the current realities and address them while transitioning gradually to a cashless economy. What are Nigeria’s current realities?
