The Nigeria Employers’ Consultative Association, NECA, has expressed concerns over the N100,000 cash withdrawal limit announced by the Central Bank of Nigeria, CBN, saying there is “no gainsaying that the livelihood of many individuals and enterprise sustainability would be impacted.”

“As usual with the Central Bank of Nigeria (CBN), the Bank announced a new naira withdrawal policy without extensive consultation with Organized businesses and those that will be directly impacted by the Policy,” said Wale-Smatt Oyerinde, Director-General of NECA, in response to the new policy. This new policy merely serves as a diversion from the pressing issues affecting the nation.

The best thing the government can do is to prevent Nigerians from continuing to engage in economic activity. With inflation hovering around 20% and more than 100 million Nigerians living in multidimensional poverty, It is no disclaiming that the vocation of numerous people and endeavor supportability would be affected.