The cash withdrawal restrictions imposed by the Central Bank of Nigeria could have a significant impact on the 2023 general elections, according to Adamu Bulkachuwa, the senatorial district representative for Bauchi North.
During an appearance on Channels Television’s Sunday Politics program, Bulkachuwa stated this worry.
Remember that the CBN had set a daily limit of N20,000 for withdrawals from ATMs and Point of Sale (PoS) terminals in early December in response to the introduction of the redesigned N200, N500, and N1,000 notes.
The regulation required banks to make sure that corporate entities’ and individuals’ weekly over-the-counter (OTC) cash withdrawals did not exceed N100,000 and N500,000, respectively.
Bulkachuwa, however, has questioned the apex bank’s policy and said that it is political.
“I have never been in a position where individuals are subjected to a condition where they cannot even buy fuel for the automobiles they take on campaigns during elections and electioneering,” he said, even if they claim it is not political.
How do you justify that it won’t influence the elections or that it has nothing to do with the elections, then?