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TUC urges CBN to shift implementation of policy on cash withdrawal

The Rivers State Chapter of Trade Union Congress (TUC) has urged the Central Bank of Nigeria (CBN) to shift implementation date of its policy on cash withdrawal by five years. The Chairman of the chapter, Mr Chika Onuegbu, said in Port Harcourt that the June 2012 implementation date of the new policy was too close. Onuegbu said that any genuine transformation from a ‘cash-centric’ to cashless economy needed a longer period of not less than five years.

“Besides, the union rejects the obnoxious penalties and unrealistic implementation date of the new CBN policy on cash withdrawal limit. We wonder how the CBN arrived at the target date and high penalties for offenders without minding the low level of the economy and porous banking system in the country,” he said. Onuegbu said that while the union recognised the importance of a cashless economy, it would reject any attempt to stampede Nigerians into it through extortion and unrealistic target dates.

He said that the CBN should consider the high rate of poverty, unemployment, illiteracy, low level of banking and unstable banking system in the country before coming out with such policy. Onuegbu appealed to the Federal Government to intervene on the matter. He urged the CBN to focus on policies that would strengthen the nation’s economy, tackle poverty and unemployment rate. The new policy pegged individuals’ daily withdrawal at N150, 000 and N1 million for corporate organisations.


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