Nigerians are already expressing concern over the new Central Bank of Nigeria (CBN) policy limiting cash withdrawal to N100,000 per week for individuals and N500,000 for organisations.

Reacting to the policy, Fatimo Aluko, a trader said the policy would affect her business because it would be difficult to pay for products supplied to you without cash.

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In her words, “This our business is cash and carry. Usually, we go to farms to buy from farmers every other day. Oftentimes, we buy items worth over N100,000 from the farmers. How are we going to pay when we cannot access more than N20,000 per day. We can’t stop the government from rolling out their policies but they should also bear in mind the fact that Nigeria goes beyond the major cities such as Lagos, Abuja, and Ibadan. There are many villages without electricity, internet, and even banks, how will the residents survive without cash?”

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Abiodun Taiwo, a building contractor, believes the policy would make life difficult for many Nigerians given the poor state of internet connectivity in the country.

According to him, “Twice last week, I attempted to pay for services and goods with my ATM card but despite the decline given by the POS machine, I was debited by my bank. I was later asked to go to my bank to resolve it. If the deducted money was all I had in my account how would I have coped? How can the CBN impose a limitono cash withdrawal without taking care of all these hitches? It is akin to subjecting Nigerians to unnecessary hardship.”

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