By Brown Chimezie
Moved by the Central Bank of Nigeria (CBN) limited cash policy which fixed N20,000 as maximum cash individuals can withdraw daily and N100,000 weekly, Chief Vitus Uzoh, a market leader and Chairman Board of Trustees of Odunade Building Materials Dealers Association (OBMDA) Coker, Lagos, has joined other Nigerians to condemn the apex bank’s policy.
In a statement, Chief Uzoh said the policy was capable of setting the financial sector backward as small and medium scale business would be starved of funds to drive the sector.
While calling on the Federal Government to reverse the policy, Chief Uzoh urges the CBN to consider the interest of those who live in the rural areas who may not have access to regular electricity to power their phones.
Furthermore, Chief Uzoh said the cash limitation policy could put many PoS operators out of business thus worsening unemployment rates in the country.
While commending the Federal Government for opening a section of the 2nd Niger Bridge to motorists, Uzoh said the measure would help ease traffic congestion often experienced on that road at this time of the year. On the insecurity in south east resulting in death and loss of property, he said it was gradually killing businesses in that region. He therefore called in both state and Federal Government to find permanent solution to the problems.