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How CBN cash limit will tackle vote-buying – ZLP chair

The national chairman of the Zenith Labour Party, Dan Nwanyanwu, stated on Tuesday that the Central Bank of Nigeria’s new cash withdrawal limit regulation was the ideal method for preventing vote-buying in the upcoming elections.

This came as he revealed that some politicians were actively campaigning to have the Bimodal Voter Accreditation System not be used during the elections by using questionable legal actions.

He made the assertions when he appeared on Channels TV’s Politics Today.

It would be recalled that the Central Bank had in a circular issued on December 6, 2022, placed a maximum limit on over-the-counter cash withdrawals by individuals and corporate organisations per week in order to reduce the amount of cash in circulation.

However, the lawyer-turned-politician believes there is merit to this claim because, if put into practice, it will help purge the political system of unneeded financial incentives.

He said, “The menace of vote-buying is the reason why we support this new policy by the CBN on cash movements.

“There is no way it won’t affect those who carry a huge amount of money to the polling unit, and that is why you see them crying. They want it to be changed and stepped down.

“We thank Mr. President for giving approval for that and by the end of this month, any old money kept in obscure locations becomes toilet paper and they should further our access to the new notes until after the elections.

“That is a very good policy the central government brought which Mr. President graciously approved.”

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