Adamu Bulkachuwa, a federal lawmaker who represents the Bauchi North Senatorial District, asserts that the cash withdrawal limits imposed by the Central Bank of Nigeria (CBN) have significant consequences for the 2023 general elections.
He asserted that the policy of the central bank is political, notwithstanding the CBN’s assertion that it has no political objectives.
Bulkachuwa stated on Channels Television’s Sunday Politics, “It looks so (political) even if they say it is not because I have never been in a situation whereby during elections and electioneering campaigns where people are subjected to a situation where they cannot even buy fuel for the cars they take on campaigns,”
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Early in December, the Central Bank of Nigeria (CBN) established a daily withdrawal limit of N20,000 via ATMs and Point of Sale (PoS) terminals.
The Central Bank of Nigeria stated that the new policy is a result of the unveiling of the revised N200, N500, and N1,000 notes on November 23, 2022, by President Muhammadu Buhari.
It instructed banks to guarantee that weekly over-the-counter (OTC) cash withdrawals by individuals and businesses do not exceed N100,000 and N500,000, respectively.
However, Bulkachuwa stated on Sunday that the national aspect of the policy had severe ramifications, given that the election itself is statewide
“So, how do you reason that it will not affect the elections or how do you explain that it has nothing to do with the elections?” he questioned.