By Egufe Yafugborhi

SOUTH South Agenda for Tinubu/Shettima (SSAT), a support group for Bola Tinubu presidential bid has condemned the recent bank withdrawal restriction issued by Central Bank of Nigeria (CBN). 

The group described the new withdrawal limit as outrageous, the entire policy a plot to pitch the poor masses against President Muhammadu Buhari. 

In a statement signed by its National Coordinator, Mr Bitrus Nta Oliver, SSAT, noted that, “Nigeria is one of the top three unbanked countries in the world with more than 60 million of its adult population still unbanked.”

Mr Oliver contended that in almost all rural markets across the country, 90% of transactions are done by cash and not mobile transfer,/and as such pegging ATM withdrawal to ₦20000 will stall many transactions and may trigger chaos in the commercial sector. 

He said: “This policy will clearly undermine efforts of Federal Government in sustaining micro and small scale enterprises across the country as it will limit funds in circulation due to non-availability of cash and may totally asphyxiate small and struggling businesses before the policy is stabilized, if ever it can be stabilized thereafter. 

“When people find it difficult to withdraw enough money they need from the bank and are repeatedly unable to complete transactions due to lack of funds, there may be public outrage and massive backlash on the President for allowing the policy. 

“Simply put, though, the new withdrawal policy will be able to put money politics in check within the period, it also has the potential to wreck many local economies across the country due to the paucity of cash it will create.”