Youth group: There’s plot by some politicians to undermine cash withdrawal policy

The Nigerian Ethnic Youths Leaders Council (NEYLC) says it has uncovered a plot by some politicians to undermine the cash withdrawal policy of the Central Bank of Nigeria (CBN).

On Tuesday, the apex bank imposed limits on weekly cash withdrawals by individuals and corporate entities.

The new policy, which will take effect on January 9, 2023, is aimed at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based transactions.

The CBN said it would impose severe sanctions on banks and other financial institutions who aid circumvention of the policy.

In a statement on Friday, Comrade Abang, the group’s convener, said any culprit found undermining the policy should be made to face the law.

“Ethnic youth leaders have uncovered a well orchestrated plot to discredit the CBN’s cash withdrawal limits by politicians with stolen funds,” he said.

“These politicians with ill-gotten wealth are clearly not comfortable with the apex bank’s plan to get the system sanitised, hence their decision to frustrate the plan by all means.

“Their plans include moves to attack and undermine President Buhari govt’s cash withdrawal limit beginning from next week.

“To achieve their devilish aim, these rogue politicians have mobilised $2 million to fight the cash limit policy next week.

“We urge security agencies, including anti-graft bodies, to be on the lookout for these persons who will be moving money around for this satanic assignment. All of them must be apprehended and brought to book.”