Critical infrastructure is needed to ensure the smooth running of the new policy of the Central Bank of Nigeria (CBN) on cash withdrawal.

Financial expert Samuel Nzekwe said on Thursday, urging the federal government to intensify efforts in providing critical infrastructure.

“It is not only to fashion out a policy but to ensure that necessary infrastructure is put in place to boost such policy. 

“Good network and stable power supply are important for the nation’s digitalisation system and to allow most of the CBN’s policies to run effectively,” said Mr Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), on Thursday.

He spoke while reacting to the CBN withdrawal policy stipulating that individual and corporate organisations could only withdraw N100,000 and N500,000 respectively over the counter per week, with effect from January 2023.

Mr Nzekwe stressed the need for the federal government to provide critical infrastructure like stable electricity and good road network, among others, for the policy to achieve the desired objective. 

The ex-ANAN president said that there was nothing bad about the policy as CBN was only trying to encourage the public to key into a financial inclusion where e-platforms, credit cards and debit cards would be used for financial transactions.

Mr Nzekwe commended the new policy, saying that it would help to curb criminal activities like kidnapping and terrorism, among others.

He also said that the policy would assist in checking fraud in the economy, as perpetrators would find it difficult to carry out their nefarious activities. 

(NAN)