The group deemed the House of Representatives’ resolution instructing the CBN to suspend the implementation of the new cash withdrawal policy to be baseless.
A group of young people from the South-West region led by the Oduduwa Youths Forum (OYF) has criticized members of the House of Representatives for opposing the new cash withdrawal limit set by the Central Bank of Nigeria (CBN).
This was due to the youths’ disapproval of Femi Gbajabiamila, Speaker of the House of Representatives, for opposing the apex bank’s policy implementation.
Recall that on Tuesday, December 6, 2022, the Central Bank of Nigeria (CBN) announced in a memo that individuals and businesses would be limited to weekly withdrawals of N100,000 and N500,000, respectively.
It also set a daily and weekly limit of N20,000 for cash withdrawals from automated teller machines and point-of-sale machines.
The House of Representatives ordered the CBN to suspend the implementation of the policy pending the outcome of its meeting with the CBN governor, Godwin Emefiele, on Thursday, December 8, 2022, during a plenary session presided over by Gbajabiamila.
Ade Balogun, however, the OYF’s leader, criticized the House of Representatives’ resolution, calling it illegal and without foundation.
Additionally, Balogun said that the lawmakers’ decision was motivated by personal interest and that the CBN should not comply with such a demand.
He scolded Gbajabiamila for opposing a policy that President Muhammadu Buhari, who is also a member of the All Progressives Congress (APC), had already approved.
Balogun’s words: “As youths from the South West, we are disowning Gbajabiamila, over the unpopular resolution of the House of Representatives on the new cash limit under his leadership.
“The resolution is not only baseless but also illegal. Let Gbajabiamila and his allies in this infamous journey know that their resolution against the cash withdrawal limit is an act of legislative rascality that can not stand.
“We urge loyalists of President Muhammadu Buhari in the House of Representatives not to waste time in moving against Gbajabiamila.”