CBN monetary policy: We’ll resist corrupt politicians – Arewa youths

By Ikechukwu Okaforadi

The Arewa Youth Consultative Forum (AYCF) on Sunday issued a warning to corrupt Nigerians attempting to undermine the new policy by the Central Bank of Nigeria, CBN.

National President of AYCF, Yerima Shettima, warned that the group would resist corrupt politicians and groups that try to undermine the new CBN policy.

Under the new withdrawal policy, the CBN restricted the maximum weekly cash withdrawal over the counter (OTC) by corporate organisations and individuals to N500,000 and N100,000, respectively.

The new withdrawal regime pegged the maximum cash withdrawal per week via Automated Teller Machine (ATM) at N100,000, subject to a maximum of N20,000 cash withdrawal daily.

Speaking to journàlists, Shettima said the new policy was for the masses, hence Nigerians should support it.

According to him: “In advanced nations, the cashless policy is what is done and as such, Nigeria cannot be out of it. There is nothing wrong with this cashless policy because it reduces some of this unnecessary tension; it helps to fight against corruption, and it helps stabilize even the exchange rate than the way we are operating foolishly that you can’t be sure of what the exchange rate will be in the next four minutes.

“This monetary policy reduces inflation. This is a period of electioneering where it will help us to have a free and fair election. Money will not influence the decision of people, Nigerians will have to choose their leaders based on merit, competency, and capacity.

“For me, it must be encouraged by well-meaning Nigerians and we must stand for it. This policy will be seen as counterproductive to those who have looted this country and are so corrupt and I’m sure they are going to sponsor their agents to kick against it.

“But, we are going to resist it, there is nothing wrong with it. The redesigning of the naira and this cashless policy must go together and we must stand by it and protect it.”