NLC CONDEMNS CBN CASH WITHDRAWAL POLICY

In a recent development, the Nigeria Labour Congress NLC has condemned the current policy on cash withdrawal limit and charged the Central Bank of Nigeria(CBN) against the implementation of a policy that will stress the already harsh economy.

The NLC noted that, as most rural dwellers and informal economy operators rely only on POS for daily business transactions based on their starvation of formal banking services,hence, the imposition of cash withdrawal limits by the CBN means that these businesses would suffer from cash starvation shock and most would not likely survive it, throwing more Nigerians into poverty.

NLC president, Comrade Ayuba Wabba, while making the call in Abuja, stated that, the call for the review is becoming imperative as stakeholders were not consulted prior to the public announcement of this policy.