Why Arewa Youth Is Supporting CBN Cashless Policy, Withdrawal Limits, Yerima Shettima Reveals

Why Arewa Youth Is Supporting CBN Cashless Policy, Withdrawal Limits, Yerima Shettima Reveals

  • Finally, the real reason why Arewa Youths are backing the CBN's cashless policy has been revealed
  • The group's president, Yerima Shettima maintained that the policy is for the good of the common masses not against them as speculated by the politicians
  • Shettima who urged Nigerians to embrace the policy noted further that it is a move that will reduce election rigging, fight corruption and more

The National President of the Arewa Youths, Yerima Shettima, has explained why the group is backing the Central Bank of Nigeria, CBN, cashless policy and the new withdrawal limits.

Recall that the Central Bank of Nigeria has announced that as from January 9, 2023, the withdrawal limits at the counter will no longer be above N100,000, and that any such withdrawals above the limits will attract extra charges.

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CBN, Godwin Emefiele, the National President of the Arewa Youths, Yerima Shettima, the Central Bank of Nigeria, CBN, cashless policy and the new withdrawal limits
The president of the Arewa Youths, Yerima Shettima, says a lot is involved in the CBN's cashless policy and the new withdrawal limits. Photo credit: Buhari Sallau
Source: Twitter

The CBN also pegged weekly withdrawals through the Point Of Sales (POS), and at the Automated Teller Machines, (ATMs) at N100,000 and N20,000 daily.

This development has generated serious controversies, as there are concerns that the withdrawal limits would rather aggravate the current tough economic situation, than proffering a solution.

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POS operators kick

Particularly sad by the development were the Association of Mobile Money and Bank Agents in Nigeria, also known as POS operators.

Angered by the development, they have called on the Central Bank of Nigeria (CBN) to without further delay suspend its policy on cash withdrawal limits.

In a press briefing at the National Assembly, Abuja, Victor Olojo, the president of the association, lamented that the jobs of over 1.4 million agents are now on the line since there was no adequate provision for mobile money and bank agents in the cashless policy.

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He argued that countless mobile money and bank agents operate in hinterlands and creeks where banks, ATMs, and others are not available.

Apochi backs CBN

But other arguments have emerged in support of the policy. According to Mr. Agada Boniface Apochi, the Chief Executive Officer of the Unified Payments, the policy is to the advantage of the common man as against the widely held views that it will affect the Nigerian populace.

Apochi in an interview on Channels TV argued that it is unlikely for the ordinary Nigerian in the villages or hinterlands to withdraw up to N100,000 or more in a week.

According to him, only a few average Nigerians have up to N400,000 savings in their accounts, wondering why such people will be withdrawing N100,000 weekly.

He said the policy is rather against the rich and in support of the poor people. He said the policy should be supported by well-meaning Nigerians.

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Shettima takes position

But speaking exclusively with Legit.ng, Shettima said his group took the decision to support the policy because it’s for the people and will further fight off crimes. Debunking the position of the POS users and the views of the Nigerians kicking against the policy, he said:

“There is no village where there is no POS, and it flows. It does not change anything. And when they talk about the common masses, they are just trying to incite the common masses against the policy or against the CBN.
“It will rather support the common masses positively. The policy will further fight corruption. It will reduce election rigging. It will help in ensuring that we have a free and fair election in 2023. It will also reduce vote-buying. A lot of things are involved. For me, Nigeria must accept this policy and we must all work together towards achieving it.“

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Banks set limit on new notes withdrawal per customer over low supply from CBN, ATMs still dispensing old notes

Commercial banks are limiting new naira notes issued by the Central Bank of Nigeria (CBN) because many customers want to hold the redesigned notes.

On October 27, 2022, the CBN announced that higher naira denominations - N200, N500, and N1,000 - will be redesigned and introduced into the economy beginning December 15, 2022, and asked commercial banks to return old notes.

However, checks show some bank branches in their Automated Teller Machines dispensed mixtures of old and new notes to customers while others are refusing to pay customers above a certain limit.

'Abuse the naira, go to jail': CBN warns Nigerians

Meanwhile, the Central Bank of Nigeria has issued a warning to Nigerians against naira misuse.

The old and new naira notes will be a legal currency until Tuesday, January 31, 2023.

The new notes have denominations of N1,000, N500, and N200, and the CBN wants Nigerians to show respect.

Source: Legit.ng

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