Falae flays CBN’s order on N150,000 cash withdrawal

On May 31, 2011 · In News

By DAYO JOHNSON
Akure— Former Finance Minister and Secretary to the Government of the Federation, SGF, Chief Olu  Falae, yesterday, faulted the new policy  by the Central Bank of Nigeria, CBN, limiting cash withdrawal from bank by individuals to N150,000 and threatened to challenge the policy in the court of law.
Speaking with newsmen in Akure, Chief  Falae, who described the policy as ”arrant nonsense” declared that the new policy was not only a farce but unrealistic.
According to him, the policy “is an infringement on the fundamental right of every Nigerian.”
Falae, who noted that the action of the apex bank was challengeable in court, added, “Í am ready to drag the CBN to court over its unconstitutional step.”

Sanusi Lamido

He pointed out that “limiting cash withdrawal could not be achieved with such decree forcing people to comply with CBN directive but the CBN should pursue financial and fiscal policy that would encourage the use of cheque.”
Falae said, ”I think the whole policy is unnecessary, it is all nonsense because we are in a democracy and the money I put in the bank is my personal property.
”No Central Bank has the right to tell how much of my money I can withdraw at any point in time.
“The constitution guarantees the right of owning property, how can a governor of the central bank or the government abridge my right given to me by the constitution of the country? The money in the bank is your money; you do whatever you like with it.
“It is for the central bank to pursue a financial and fiscal policy that will encourage the use of cheques. It is a complete military mentality to be done like a decree to force such policy on Nigerians.
“It is unacceptable. You can pursue policy that will encourage people to deposit cheque and use less of cash, not by decree or by force.
‘The money is my property nobody can tell me how much of my money I can spend per day. I know that too much cash create a lot of problems but you don’t because of that infringe on my right. It is unnecessary and it won’t work”.
Falae however urged President Goodluck Jonathan to re- create confidence across the nation, end the killings and the instability and adopt a national development programme.
He noted that “Nigeria cannot be an investment haven if the killings in some northern states and part of Niger Delta is not addressed.
‘President Goodluck Jonathan must address the mindless killings going in some part of the country for a long time. We cannot continue to butcher people like goat and we can be regarded as a country noted for peace.
“The act of barbarian in some states in the North should be addressed with all seriousness. No investor will want to come to this country because of these killings. They will think Nigeria is unsafe for business”.
The Former Minister added that there is” the need for Mr. President to address the crisis of confidence which had been created by wide spread violence that followed the last election, adding that the killings that took place had shattered confidence within the nation.
“The president needed to re-build total confidence across the nation, so that people can have confidence in his administration.’ The primary task of Mr. President is to ensure that he re-builds people’s confidence in his administration, we cannot begin to develop and grow if there is no trust” END