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CBN cash withdrawals limit will hurt small businesses: ACCI

  • Business

POS Operators and Abuja Chamber of Commerce and Industry (ACCI)

The Abuja Chamber of Commerce and Industry (ACCI) has warned that the CBN’s recent new policy on cash withdrawal limits could adversely impact the ease and cost of doing business.

This is contained in a statement issued Thursday by the president of ACCI, Al-Mutjaba Abubakar.

“We have perused the policy guidelines, and we first commend the CBN for constantly innovating to address the fiscal and monetary challenges facing the country. We note the intention of the apex bank, which is the urgent need to address growing inflationary pressure and stabilise the value of naira,” noted the ACCI statement, but said, “we are worried about the timing of the announcement that coincides with the ongoing plan to phase out old naira notes.”

The ACCI stressed that its concerns stemmed from the policy disrupting many small and medium enterprises (SMEs), pointing out that the withdrawal limit will constrain business transactions.

“Aside from slowing down businesses within formal and informal markets, the new policy also has a tendency to increase the cost of doing business due to sanction on withdrawal exceeding certain limits,” added ACCI. “The charges on excess withdrawal constitute a new form of levy, which adds to the long list of levies on the SMEs and the informal business operators.”

It urged the CBN to “allow more time for the commencement of this policy so that businesses have enough time to make the necessary adjustments.” 


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Source: Peoples Gazette.