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Worry As APC, PDP Reportedly Move Against CBN’s Withdrawal Limit Policy

The implementation of a new policy by the Central Bank of Nigeria (CBN), has stirred fear among political parties and politicians ahead of the 2023 general elections.

Recall that the apex bank on Tuesday had limited over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000 per week, respectively.

CBN had scheduled the new policy to take effect across the country on January 9, 2023.

There are indications that the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) are against the policy.

Sources that spoke with Saturday Sun on the development said APC and PDP are worried if the policy is effected.

The major parties believe it would affect their outings before, during and after the general elections.

A source in one of the political parties said the implementation of the new policy will affect logistics and other necessary activities which require the heavy deployment of cash.

He further stated that moves by the National Assembly to suspend the policy are part of the plan by the two parties to halt the move.

According to the source, though the two parties do not agree on certain issues, they appear to be on the same page on the CBN policy.

Though the APC has claimed that it remains unperturbed, a member of the party said it is just grandstanding, insisting that the policy might be reviewed.

The CBN governor, however, has insisted that there would be no going back on the cashless policy, he said the withdrawal amounts might be reviewed.

APC national publicity secretary, Felix Morka, in a text forwarded to the Saturday Sun wrote: “APC’s presidential election plan is solid and remains solid irrespective of CBN’s policy on withdrawal limits.”

The PDP Presidential Campaign Council in its reaction said it is not jittery over the cash withdrawal limit introduced by the CBN.

The director of Research and Documentation, Pedro Obaseki, said if any political party is worried about the new CBN policy, it should be the APC.

Obaseki, who stated that the PDP campaign is already cashless, said those behind the allegation should be evidential.

According to him, “in the public domain in Nigeria, who is the only presidential candidate that has a bullion van parked in his compound? His name is Bola Ahmed Tinubu. So, who should be scared, worried, or othered about the fact that the Central Bank is limiting the spread of cash?

“I am not among one of those who run riot with naked rumours. We are even a cashless society in PDP. Please let’s be evidential.”

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