Top Igbo group, Yoruba Youth council support CBN’s withdrawal limit policy, States Why

The apex Igbo socio-cultural organization, Ohanaeze Ndigbo Youth Council Worldwide, and the Yoruba Youth council have thrown their weight behind the Central Bank of Nigeria’s (CBN) new cash policies.

The CBN last week announced a cash withdrawal limit policy, which has generated mixed reactions from Nigerians.

However, the youth councils in a separate statement by the national president of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike, and his Yoruba counterpart, Comrade Eric Oluwole said the youths were in support of the decision of the apex bank, The Nation reported.

The youth council leadership berated members of the National Assembly for kicking against the policy, adding that corruption was fighting back.

Onabuike said:

“At a time the economy is bleeding, Nigerians should support any measure aimed at stabilizing the Naira. The cash withdrawal limit is an effective monetary policy.

“We the Igbo youths are firmly in support of the policy as it would aid in fighting corruption which has been entrenched in the Nigerian system. We also have no doubt that it will help in the stabilization of the exchange rate and reduce inflation.”

Oluwole on behalf of the Yoruba Youth Council said that the redesign will accelerate Nigeria’s migration into a cashless economy as happening in many countries across the globe.

“The cashless policy being fully implemented by CBN is not new, as required steps in that direction, were taken in 2012 with Lagos State as a pilot scheme and Abuja and some other six states in 2013,” he said.
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