February 1, 2023 10:35 pm

Cash withdrawal limit reversal: We’re simply encouraging Money Laundering, corruption – Financial Expert

From TCNEWS

A financial and economic expert and a former Commissioner for Finance in Abia State, Chief Richard Harrison, has said that the upward review of cash withdrawal limit policy recently introduced by the Central Bank of Nigeria (CBN), was needless.

Chief Richard Harrison

In a conversation with our correspondent, Chief Harrison carefully observed that the action is “simply encouraging Money Laundering and corruption”. 

Recall that the Central Bank of Nigeria had recently increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5million, respectively.

The Apex bank had in a letter addressed to banks on Wednesday, stated that it made the decision based on feedback received from stakeholders.

This action is coming after the apex bank pegged weekly cash withdrawal limit at N100,000 for individuals, weeks ago, a development that had caused furore in the polity

Chief Harrison who felt not satisfied with the actions of the CBN said, “This decision simply made a nonsense of currency redesign and reducing inflation through cashless society.

“Why must anyone transact business in cash? There’s always something to hide and to destroy transaction trails.

“There’s absolutely no need for the policy reversal. If you want to pay me 100 million Naira transfer it to my account and I will take the responsibility to explain the source of the transaction. CBN is simply doing the bidding of politicians by its actions”. 

On the rumours of fake naira notes making the rounds, the Abia former Commissioner insisted that if there is anything like fake Naira, Nigerians should not hesitate to ask the nation’s Mint and Printing Company. 

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