{"id":78123,"date":"2022-12-17T16:54:43","date_gmt":"2022-12-17T15:54:43","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cash-withdrawal-policy-acf-knocks-cbn"},"modified":"2022-12-17T18:29:19","modified_gmt":"2022-12-17T17:29:19","slug":"cash-withdrawal-policy-acf-knocks-cbn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn","title":{"rendered":"Cash withdrawal policy \u2013 ACF knocks CBN"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Arewa Consultative Forum (ACF), on Friday, kicked against the Central Bank of Nigeria\u2019s new policy of cashless banking effective from January 2023.<\/p>\n

According to the group, though the policy has some positives, it was ill-timed as the apex bank, according to it \u201cfailed to consider the unintended consequences of implementing it in the way they have planned.\u201d<\/p>\n

This was expressed in a statement on Friday by the ACF\u2019s Secretary-General, Malam Murtala Aliyu.<\/p>\n

In the statement entitled: \u201cCBN\u2019s Risky Plan Let\u2019s be clear\u201d, the ACF said \u201cthe decision by the Central Bank of Nigeria, CBN, to kickstart the long anticipated cashless payments regime in Nigeria with effect from January, 2023, is well justified, perhaps even well intentioned. Cash based economies are notoriously costly, inefficient and prone to attacks by evil people.<\/p>\n

\u201cA huge amount of time and money is needed to print the currency and a lot more still to steer it through the system. The currency notes themselves have a shelf life after which they have to be replaced. Cash is the lifeblood of the underworld: difficult to trace and quite convenient for terrorists, money launderers, smugglers, vote buyers, etc.<\/p>\n

\u201cSo, yes, the less cash available for all these criminals as the CBN is trying to achieve, the better for law abiding citizens. That said, we do need to remember that the road to hell is paved with good intentions. CBN officials may have the best of intentions while contemplating this policy but evidently failed to consider the unintended consequences of implementing it in the way they have planned; consequences that may be extremely grave.<\/p>\n

\u201cIf the CBN insists on implementing this wholly unrealistic policy of restricting individual\u2019s cash withdrawal from the banks to N20,000 per day and N100,000 for a week or N500,000 in the case of corporate bodies, it won\u2019t be long before we suffer a catastrophic collapse of the informal sector of the economy. More than anyone, CBN knows that transactions in commodity markets especially in the rural areas are entirely cashbased.<\/p>\n

\u201cThe villager that brings to the market his chickens, beans, onions, goat or cows does not typically have a bank account or internet skills. Cash remains the overwhelming medium of exchange for much of the country particularly in the North. This should surprise no one as bank offices are largely unavailable even for people who are keen and have the skills to use them.<\/p>\n

\u201cEven by the CBN\u2019s reports, over 38 million adults in Nigeria do not currently have access to banking services with \u201cwomen, rural dwellers, Micro-Small and Medium-Sized Enterprises and Northern Nigeria\u201d being among the most disproportionately excluded. And despite its pious pretensions, it is on record that the CBN under the present management, apparently out of desire to safeguard the interests of the commercial banks, has done much to undermine and stifle the progress of financial inclusion in Nigeria.<\/p>\n

\u201cThanks to the decisions taken by the CBN, Nigeria, today, despite its size, has the dubious record of having the lowest financial penetration in all of Africa, perhaps in the world. Under the circumstances, the CBN will do itself and the country a world of good if it invests more effort in addressing these challenges. It should start by ensuring that various financial institutions are created in sufficient numbers and in all parts of the country.<\/p>\n

\u201cIt should allow a level playing field for a wide range of financial providers and encourage partnerships between them.<\/p>\n

\u201cFurthermore, the CBN must enforce strict regulations that protect people\u2019s money. It must inform, encourage and prepare the public adequately for the transition.<\/p>\n

\u201cUntil the CBN is able to address these challenges substantially, a preemptive move or a \u2018frog-jump\u2019 into a cashless payments system, however well intentioned, will only land us into a bottomless pit.\u201d<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Arewa Consultative Forum (ACF), on Friday, kicked against the Central Bank of Nigeria\u2019s new policy of cashless banking effective from January 2023. According to the group, though the policy has some positives, it was ill-timed as the apex bank, according to it \u201cfailed to consider the unintended consequences of implementing it […]<\/p>\n","protected":false},"author":84,"featured_media":78122,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1276,1570,2140,503,254],"class_list":["post-78123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-acf","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria"],"yoast_head":"\nCash withdrawal policy \u2013 ACF knocks CBN - Nigeria<\/title>\n<meta name=\"description\" content=\"The Arewa Consultative Forum (ACF), on Friday, kicked against the Central Bank of Nigeria\u2019s new policy of cashless banki ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cash withdrawal policy \u2013 ACF knocks CBN\" \/>\n<meta property=\"og:description\" content=\"The Arewa Consultative Forum (ACF), on Friday, kicked against the Central Bank of Nigeria\u2019s new policy of cashless banki ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-17T15:54:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-17T17:29:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Cash withdrawal policy \u2013 ACF knocks CBN\",\"datePublished\":\"2022-12-17T15:54:43+00:00\",\"dateModified\":\"2022-12-17T17:29:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn\"},\"wordCount\":651,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg\",\"keywords\":[\"ACF\",\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn\",\"name\":\"Cash withdrawal policy \u2013 ACF knocks CBN - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg\",\"datePublished\":\"2022-12-17T15:54:43+00:00\",\"dateModified\":\"2022-12-17T17:29:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Arewa Consultative Forum (ACF), on Friday, kicked against the Central Bank of Nigeria\u2019s new policy of cashless banki ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Cash withdrawal policy \u2013 ACF knocks CBN\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cash withdrawal policy \u2013 ACF knocks CBN\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Cash withdrawal policy \u2013 ACF knocks CBN - Nigeria","description":"The Arewa Consultative Forum (ACF), on Friday, kicked against the Central Bank of Nigeria\u2019s new policy of cashless banki ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn","og_locale":"en_US","og_type":"article","og_title":"Cash withdrawal policy \u2013 ACF knocks CBN","og_description":"The Arewa Consultative Forum (ACF), on Friday, kicked against the Central Bank of Nigeria\u2019s new policy of cashless banki ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn","og_site_name":"Nigeria","article_published_time":"2022-12-17T15:54:43+00:00","article_modified_time":"2022-12-17T17:29:19+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Cash withdrawal policy \u2013 ACF knocks CBN","datePublished":"2022-12-17T15:54:43+00:00","dateModified":"2022-12-17T17:29:19+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn"},"wordCount":651,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg","keywords":["ACF","Africa Press","Africa Press-Nigeria","CBN","Nigeria"],"articleSection":["all news","Economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn","name":"Cash withdrawal policy \u2013 ACF knocks CBN - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg","datePublished":"2022-12-17T15:54:43+00:00","dateModified":"2022-12-17T17:29:19+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Arewa Consultative Forum (ACF), on Friday, kicked against the Central Bank of Nigeria\u2019s new policy of cashless banki ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/12\/postQueueImg_1671283488.17.jpg","width":1200,"height":675,"caption":"Cash withdrawal policy \u2013 ACF knocks CBN"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cash-withdrawal-policy-acf-knocks-cbn#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Cash withdrawal policy \u2013 ACF knocks CBN"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/78123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=78123"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/78123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/78122"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=78123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=78123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=78123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}