NewStats: 3,264,432 , 8,183,704 topics. Date: Wednesday, 11 June 2025 at 05:18 AM k65

Nigeria Employers’ Consultative Association, NECA, has expressed concerns over the N100,000 cash withdrawal limit announced by the Central Bank of Nigeria, CBN, saying there is “no gainsaying that the livelihood of many individuals and enterprise sustainability would be impacted.”

Reacting to the new policy, Director-General of NECA’s Wale-Smatt Oyerinde, said “As usual with the Central Bank of Nigeria (CBN), the Bank announced a new naira withdrawal policy without extensive consultation with Organized businesses and those that will be directly impacted by the Policy. This new policy is diversionary and a mere distraction from the critical issues that are affecting the Nation.

With the inflation rate hovering around 20 percent and over 100 million Nigerians in multidimensional poverty, the best that Government should do is not to further cripple the economic activities of Nigerians. It is no gainsaying that the livelihood of many individuals and enterprise sustainability would be impacted.

“While it is desirable to get all bankable individuals and businesses into the banking system and promote the cashless policy of the CBN, the timing without adequate preparation and sensitization of the critical mass that drives the economy (the SMEs and MSMEs) could prove counter-productive and further drive many below the poverty line. This is another classical example of the inconsistencies and misalignments between the fiscal and monetary policies of the Government. It is absurd to blatantly set traps of processing fees for individuals and businesses who desire to withdraw their hard-earned money from the bank for legitimate and genuine business transactions. It is also important to note that the banking infrastructure and mobile/digital facility to drive the cashless policy are not sufficiently developed. This is not only draconian but also inhuman.

“We urge the CBN and indeed, the Federal Government to replicate the energy and promptness used in implementing this policy to address the issues of dwindling value of the Naira, rising inflation, oil theft, ballooning foreign debt, and get millions out of poverty realm.

While Nigerians businesses are groaning under the burden created by not-well-thought-out Government policies, more misery should not be placed on them as we approach the yuletide season.”

https://www.vanguardngr.com/2022/12/our-problems-with-n100-000-weekly-withdrawal-limit-neca/

Omo Buhari is checkmating thiefnubuu all round. I mean all-round
And I'm suspecting Osibanjo's hand in this game against thiefnubuu too.

First BVAs
2nd Naira redesign...cashless policy and withdrawal limits

It's over for Thiefnubuu. Huge disgrace loading....

Some people will always kick against a policy no matter how good it is.

this hurried policy aint inclusive. rural folks &d urban poor will now revert to transacting in cash &keeping cash

They should look for another way of solving this economy issue
This plan of theirs isn't favoring in anyway

Some people accept only cash no cash no business
This will affect business men both those in higher chain down to those on low of the lowest in a negative way.

Besides this gives a higher chance for hackers and thieves to cart away people hard earned money

Eg me prefer cash to cash transactions I hardly do transfer nor accept it

Nigeria is to risky for all this online transactions.

This NECA sef. Is it that these groups are always in negative mode by permanent default ni?

Govt is trying to address inflation so that your goods can be more affordable, you are still complaining. Na wa o

As long as people can transfer any sum and deposit any sum, this should not be a challenge. Perhaps it's time to embrace online banking.

Ofunaofu:

Nigeria Employers’ Consultative Association, NECA, has expressed concerns over the N100,000 cash withdrawal limit announced by the Central Bank of Nigeria, CBN, saying there is “no gainsaying that the livelihood of many individuals and enterprise sustainability would be impacted.”


Reacting to the new policy, Director-General of NECA’s Wale-Smatt Oyerinde, said “As usual with the Central Bank of Nigeria (CBN), the Bank announced a new naira withdrawal policy without extensive consultation with Organized businesses and those that will be directly impacted by the Policy. This new policy is diversionary and a mere distraction from the critical issues that are affecting the Nation. With the inflation rate hovering around 20 percent and over 100 million Nigerians in multidimensional poverty, the best that Government should do is not to further cripple the economic activities of Nigerians. It is no gainsaying that the livelihood of many individuals and enterprise sustainability would be impacted.


“While it is desirable to get all bankable individuals and businesses into the banking system and promote the cashless policy of the CBN, the timing without adequate preparation and sensitization of the critical mass that drives the economy (the SMEs and MSMEs) could prove counter-productive and further drive many below the poverty line. This is another classical example of the inconsistencies and misalignments between the fiscal and monetary policies of the Government. It is absurd to blatantly set traps of processing fees for individuals and businesses who desire to withdraw their hard-earned money from the bank for legitimate and genuine business transactions. It is also important to note that the banking infrastructure and mobile/digital facility to drive the cashless policy are not sufficiently developed. This is not only draconian but also inhuman.


“We urge the CBN and indeed, the Federal Government to replicate the energy and promptness used in implementing this policy to address the issues of dwindling value of the Naira, rising inflation, oil theft, ballooning foreign debt, and get millions out of poverty realm. While Nigerians businesses are groaning under the burden created by not-well-thought-out Government policies, more misery should not be placed on them as we approach the yuletide season.”

https://www.vanguardngr.com/2022/12/our-problems-with-n100-000-weekly-withdrawal-limit-neca/

This will stop ppl from using the banks..ppl go begin bury money and carry Ghana must go everywhere. Robbers go have a filled day I pity business ppl who do business with lump sum of cash.. so after close of business day I go bank go deposit 5m but if I wan withdraw same to restock na 100 abi 500k u wan give me no be juju be dat. Make ppl begin use stable coin ooh.

slivertongue:
this hurried policy aint inclusive. rural folks &d urban poor will now revert to transacting in cash &keeping cash

How many rural or urban poor has 100k in their bank ?
We destroy every policy with good intentions with our crass opportunity. In many countries, I did not see where citizens turn POS system to cash collection centres ed by banking institutions.

Is it not when you have enough you save?
Under Buhari nobody is saving any money. Collect your salary on Monday by Tuesday's evening nothing is either in your wallet or in the bank

Everyone should fall in line and let's see positivity in Government policy for once!

For me, redeg naira notes without accompanying strict cashless policy will be waste of time and resources.. because new Naira will suffer same fate of the old Naira that was redesigned and find its way to the hands of Naira hoarders

PureMe01:
Omo Buhari is checkmating thiefnubuu all round. I mean all-round
And I'm suspecting Osibanjo's hand in this game against thiefnubuu too.

First BVAs
2nd Naira redesign...cashless policy and withdrawal limits

It's over for Thiefnubuu. Huge disgrace loading....

Not really a fan, but what if he ends up winning? Just what if?

Let the best (for the nation and its people) emerge.

galadima77:



Not really a fan, but what if he ends up winning? Just what if?

Let the best (for the nation and its people) emerge.

u are pathetic nd one of naija's problem how can u not discredit someone who cant even mk a coherent sentence because he is ur tribe


abeg park, see ein mouth like brst candidate

It will be seriously difficult to buy votes on election day honestly for those who are relying on it, I mean how many people can they quickly do transfer for on that day and no more usage of old Naira notes which has already been stored up for that purpose either....

I don't know why but Bubu is killing the little chances APC might have in the election.

galadima77:



Not really a fan, but what if he ends up winning? Just what if?

Let the best (for the nation and its people) emerge.

Every agbado will deny and sit on the fence,hoping thiefnubuu wins.
Used to it lol

blacksam01:


u are pathetic nd one of naija's problem how can u not discredit someone who cant even mk a coherent sentence because he is ur tribe


abeg park, see ein mouth like brst candidate

Just mark today. That's all!

The CBN has been tryin so hard to implement a cashless policy, we need to shape up. The world is leaving us behind. Even our security operative who’s the most anachronistic man I know now does transfers via is basic phone. Why are we so averse to change? Why are we so obsessed with carrying loads of physical cash?

PureMe01:
Omo Buhari is checkmating thiefnubuu all round. I mean all-round
And I'm suspecting Osibanjo's hand in this game against thiefnubuu too.

First BVAs
2nd Naira redesign...cashless policy and withdrawal limits

It's over for Thiefnubuu. Huge disgrace loading....

exactly the man is using all manner of policies to checkmate vote buying by the drug baron. Because that's the only way APC can get any substantial vote in the next presidential election. Like an old Wiseman once told me "it would be a dream if Tinibu wins" . Abiola votes in 1992 might even be more that Tinibu's in 2023.

I don't know why I am so in love with this policy. It has a lot of positivity all over it

Good policy

Cbn gov running out of ideas. Time to go

juniorstar:

This will stop ppl from using the banks..ppl go begin bury money and carry Ghana must go everywhere. Robbers go have a filled day I pity business ppl who do business with lump sum of cash.. so after close of business day I go bank go deposit 5m but if I wan withdraw same to restock na 100 abi 500k u wan give me no be juju be dat. Make ppl begin use stable coin ooh.

Restocking you'll simply Make a tf with invoice

This policy will greatly affect politicians. How are they going to pay their urchins, ers and hired crowds? Bank transfers?

PureMe01:
Omo Buhari is checkmating thiefnubuu all round. I mean all-round
And I'm suspecting Osibanjo's hand in this game against thiefnubuu too.

First BVAs
2nd Naira redesign...cashless policy and withdrawal limits

It's over for Thiefnubuu. Huge disgrace loading....

A man that owns Lagos and it's governor can not find one bank that would trade his old cash for new? The same man that dash people 50 million naira as if it is 100 niara note?

FreeStuffsNG:
This NECA sef. Is it that these groups are always in negative mode by permanent default ni?

Govt is trying to address inflation so that your goods can be more affordable, you are still complaining. Na wa o

Please educate me.



How exactly will this new policy address inflation?

PureMe01:
Omo Buhari is checkmating thiefnubuu all round. I mean all-round
And I'm suspecting Osibanjo's hand in this game against thiefnubuu too.

First BVAs
2nd Naira redesign...cashless policy and withdrawal limits

It's over for Thiefnubuu. Huge disgrace loading....

Sha when Tinubu win nor talk say he was rig into power o..

juniorstar:

This will stop ppl from using the banks..ppl go begin bury money and carry Ghana must go everywhere. Robbers go have a filled day I pity business ppl who do business with lump sum of cash.. so after close of business day I go bank go deposit 5m but if I wan withdraw same to restock na 100 abi 500k u wan give me no be juju be dat. Make ppl begin use stable coin ooh.

You are getting it wrong. As a big business person you will not be dealing with cash. Tell your customers to make transfer or carry that cash they want to give you to the bank and pay it into your . So this issue of you carrying 5m to the bank at the close of business day will not arise.

Perfectbeing:
Sha when Tinubu win nor talk say he was rig into power o..

Thiefnubuu can NEVER win. So calm down

Obi.....hope you are taking note?

You must employ a reasonable and sensible CBN governor that will do several consultations before enforcing or formulating a policy. This disgraceful.

For with GOD, President Omoluabi Ahmed Obi must be Possible. Datti's a Fact!

Nitoripe pelu OLORUN, Aare Omoluabi Ahmed Obi gbodo le se, Òótọ́ niyẹn!

N'ihi na n'ebe CHINEKE nọ, Onye isi ala Omoluabi Ahmed Obi ga-enwerịrị ike, Nke ahụ bụ Eziokwu!

Domin tare da ALLAH, dole ne shugaba Omoluabi Ahmed Obi ya zama mai yiwuwa, Wannan Gaskiya ne!

فبوجود الله يجب أن يكون الرئيس أمولابي أحمد أوبي ممكناً. هذه حقيقة!

Car avec DIEU, le Président Omoluabi Ahmed Obi doit être Possible, C'est un Fait!

This message is brought to you by;
The Cummissioner, Southwest citizens for President Omoluabi Obi.
IFEOLUWA OSHO.