Ohanaeze, Yoruba Youth Council Back CBN’s Withdrawal Limit Policy

Ohanaeze Ndigbo Youth Council Worldwide and the Yoruba Youth council have thrown their weight behind the Central Bank of Nigeria’s (CBN) new cash policies.

The CBN last week announced a cash withdrawal limit policy, which has generated mixed reactions from Nigerians.

However, the youth councils in a separate statement by the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike, and his Yoruba counterpart, Comrade Eric Oluwole said the youths were in support of the decision of the apex bank.

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The youth council leadership berated members of the National Assembly for kicking against the policy, adding that corruption was fighting back.

Onabuike said: “At a time the economy is bleeding, Nigerians should support any measure aimed at stabilizing the Naira. The cash withdrawal limit is an effective monetary policy.

“We the Igbo youths are firmly in support of the policy as it would aid in fighting corruption which has been entrenched in the Nigeria system. We also have no doubt that it will help in the stabilisation of the exchange rate and reduce inflation.

“Besides, it is also a bad market for all vote buyers. As Nigerians prepare for the 2023 election, all those who have stashed money waiting to buy voters must be living in regrets now.’

Okwu, while noting that there were other far-reaching benefits “that would help secure the future of our children and our youths”, urged the National Assembly to stop further opposition to the policies, streaming that on the long run, the masses would reap the benefits.

For Oluwole on behalf of the Yoruba Youth Council, said that the redesign will accelerate Nigeria’s migration into a cashless economy as happening in many countries across the globe.

He said the advantages of the policy include effective monetary policy: fighting corruption: and helping in the stabilisation of the galloping exchange rate.

Besides, Oluwole said that the cashless policy and redesigning will help to drastically reduce inflation, and engender free and fair elections “among other benefits that are far reaching that will help secure the future of our children and our youths.”

He urged the CBN to orientate Nigerians about this development, adding that the people need to know the advantages of the policy in order not to cause confusion.

“The cashless policy being fully implemented by CBN is not new, as required steps in that direction, were taken in 2012 with Lagos State as a pilot scheme and Abuja and some other six states in 2013” he said.

“The cashless policy will drive development and modernization of our payment system in line with Nigeria and it is an efficient and modern payment system is positively correlated with economic development, and is a key enabler for economic growth.
To reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach. To improve the effectiveness of monetary policy in managing inflation and driving economic growth.

He corroborated CBN Governor’s position that high cash usage results in a lot of money outside the formal economy, thus limiting the effectiveness of monetary policy in managing inflation and encouraging economic growth. Inefficiency and corruption, high cash usage enables corruption, leakages and money laundering, amongst other cash-related fraudulent activities.

He further stated that the redesign was to check currency fraud; deal a fatal blow to the growing worrisome kidnapping and ransom industry: reduce inflation and control the amount of money in circulation.