Elections in 2023 Will Be Seriously Impacted by CBN’s Withdrawal Limits—Bulkachuwa

Adamu Bulkachuwa is a federal politician who represents the Bauchi North Senatorial District. He says that the Central Bank of Nigeria’s (CBN) limits on cash withdrawals will have a big effect on the 2023 general elections.

Even though the CBN says it has no political goals, he said that the policy of the top bank is political.

On Channels Television’s Sunday Politics, Bulkachuwa said, “It looks so political, even if they say it is not, because I have never been in a situation where people are subjected to a situation where they cannot even buy fuel for the cars they take on campaigns during elections and electioneering campaigns.”

Early in December, the CBN set a limit of N20,000 for daily withdrawals from ATMs and Point of Sale (PoS) terminals.

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The CBN said that the new policy came after President Muhammadu Buhari changed the N200, N500, and N1,000 bills on November 23, 2022.

It instructed banks to make sure that corporate entities’ and individuals’ monthly over-the-counter (OTC) cash withdrawals did not exceed N100,000 and N500,000, respectively.

The “countrywide” aspect of the policy, according to Bulkachuwa, “has major ramifications because the election itself is nationwide,” he added on Sunday.

He questioned, “So, how do you justify that it won’t impact the elections, or how do you justify that it has nothing to do with the elections?”

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