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Published On: Mon, Sep 23rd, 2019

Group lambasts critics of CBN deposit, withdrawal policy

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By Albert Akota

The Coalition of Civil Society Organisations (CCSOs) has lambasted those paddling misinformation about the Central Bank of Nigeria (CBN) deposit and withdrawal cash policy saying those against the policy are those doing shady businesses.
Disclosing this to newsmen yesterday in Abuja, President of the Union, Bassey Etuk Williams said those against the deposit withdrawal policy are against the progress of Nigeria due to their shady businesses at the expense of Nigerians.
Basset said if the cashless policy is improved upon, where-in electronic transactions is being used, there is no doubt that the overall charges we receive as customers will reduce over time as the banks overhead charges of dispensing their services will be greatly reduced.
“We have listened to various reactions on the directives of deposit and withdrawal cash policy to enforce cashless policy by individuals and corporate organizations re-introduced by CBN in some states of the Federation, having dully studied the reasons behind this recent policy, we are duty bound to make our generational and concerned observations on the said policies, and as well call for total support of the policy from Nigerians based on the advantages attached to cash less policy.
“The deposit and withdrawal policies deduction to be made over counter payment that is more than Five Hundred Thousand Naira and Three Million Naira for Individuals and corporate accounts is aimed at ensuring effectiveness of the cashless policies of the Federal Government, by discouraging cash deposits over bank counters but rather use the electronic means that attracts no charges.
He said the threshold that the deposit and withdrawal charges will affect are better secured via electronic transactions, apart from safety of the concerned it also guarantees a relax atmosphere and confidence of transactions without drawing attention.
“It will also make tax payment easy as we know we have bad record of paying tax as a nation. We thus call on all well-meaning Nigerians to support this policy as a means of stopping economic saboteurs and reduce the overhead cost of currency production which the country always goes through,” he said.

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