DID THE CENTRAL BANK OF NIGERIA EXAMINE THEIR DECISION PROPERLY BEFORE BRINGING THIS TO THE NIGERIAN PUBLIC? THEY SAID WITHDRAWAL OF 500,000 NAIRA AND ABOVE WILL PAY CHARGES, THIS DECISION IF IMPLEMENTED MAY CREATE PROBLEMS IN THE LONG RUN.

The decision of the Central Bank of Nigeria that if anyone withdraws 500,000 Naira and above from the bank would attract some charges, this may not be the best way forward. We may not know their reasons for taken such decision but we believe that the disadvantages of this system may be more than the advantages. The only thing we can say for now is that such action may not be in the best interest of the people which may affect Nigerian banks negatively in the long run. However we shall explain in detail in our future article our opinion on this issue. We are also pleading with the central bank of Nigeria to re-examine their decision on this issue properly. Again proper analysis of the economy should be carried out before imposing such system on the people of the country (Nigeria) taking into consideration the economic situation of Nigeria at the moment.