The Coalition of Northern Groups (CNG) has said that the Cash Withdrawal Limit Policy by the Central Bank of Nigeria (CBN) is a recipe for disaster and should be resisted by well meaning Nigerians, claiming it is targeted against the North.
Addressing journalists Wednesday in Abuja, CNG Spokesperson, Abdul-Azeez Suleiman, noted that “the timing, without adequate preparation and sensitization of the critical mass that drives the economy (the SMEs and MSMEs), could prove counter-productive and further drive many below the poverty line.
He said: “The Coalition of Northern Groups (CNG) is extremely worried about the imminent crises arising from the Central Bank of Nigeria’s pronouncement of a regime of harsh policies on cash withdrawal limit, noting especially that the livelihood of many individuals and enterprise sustainability would be impacted.
“As the representatives of various interest groups from Northern Nigeria, the CNG, after watching and analyzing the situation carefully, has come to believe that the CBN policy is another not-well-thought-out, unreasonable and unacceptable action perpetrated by certain dubious interests led by Godwin Emefiele against Nigerians collectively, and northerners in particular.
“We find it ridiculous for Emefiele and the CBN, after plunging the country into economic crisis, that involves high inflation, poor exchange rate, and dwindling foreign reserve as symptoms of mismanagement and bad economic policies, to so arrogantly insist on the enforcement of this policy despite an order of the National Assembly to the contrary.
“The CNG notes that the timing without adequate preparation and sensitization of the critical mass that drives the economy (the SMEs and MSMEs) could prove counter-productive and further drive many below the poverty line.
“We note also that the banking infrastructure and mobile/digital facility to drive the cashless policy in Nigeria and in the North in particular, are not sufficiently developed.”
He added: “As usual, not one to remain silent in the face of this constancy of disastrous Monetary Policies by the CBN that potentially affect the livelihood of Nigerians and the people of northern Nigeria, the CNG hereby arrives at the following inevitable observations
“The CNG must embark on the mobilization of Northerners for a massive protest to resist the attempt by Emefiele or any other authority to place more misery on Nigerians at a time when businesses are groaning under the burden created by not-well-thought-out Government policies.
“For the avoidance of doubt, the CNG is resolved to taking further necessary actions to stop Emefiele and the CBN from going ahead with the implementation of this and other manifestations of inconsistencies and misalignments between the fiscal and monetary policies of the Government.
“We therefore hold the draconian decision by Emefiele unacceptable as it is in clear breach non-negotiable fundamental right of Nigerians that cannot be derogated from under Section 45 of the Constitution; and to that extent, absolute.”
