The cash withdrawal policy of the Central Bank of Nigeria directing all banks and other financial institutions to limit over-the-counter and POS cash withdrawals has continued to generate reactions.
The CBN had on Tuesday limited cash withdrawals to N20,000 daily and N100,000 weekly for individuals.
Speaking on this, Human Resource Management and Industrial Relations expert, Dr Paul Adama, believes that the right infrastructure must be in place for the policy to work effectively. He tells Ifiemi Andrew on Nigeria Info’s Morning crossfire that electricity, internet connectivity, and security must be improved upon to make it work.
“We don’t have the right infrastructure to drive this policy now and that is what the federal government should be looking at first,” he noted.
He also says “SMEs, MSMEs will be affected negatively by this policy” because of inconsistent policies of the government, adding that the policy “will also kill existing jobs.”
