Civil Society Organisations Central Coordinating Council has said the new naira notes and cash withdrawal limit policy of the Central Bank of Nigeria (CBN) is facing a syndicated attack from a group of governors

The body, which claim to comprise of 472 members, at a press conference on Tuesday by its National Convener, Obed Okwukwe, said the governors, which it termed ‘G-10 Governors’, vowed that the policy will not see the light of the day.

Okwukwe alleged that governors were mopping up the new naira notes and stopping its circulation.

He noted that: “The CBN had announced that it deployed N300 billion as the first tranche of cash it disbursed,” but said the money was hijacked and did not trickle down to the people.

“They are withholding the money using various means including deploying agents who use multiple ATM cards to withdraw the money; colluding with their banker agents to continue to trap the moneys in the banks and buying off cash from business places that ordinarily make huge cash transactions like petrol stations, supermarkets and departmental stores.

“This has made some of these businesses insist on only cash payment as the profit they make from the sales of the naira covers for the loss of business from those who do not have the cash to pay,” the national convener stated. (New Telegraph)

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