“The policy will force more traders and micro investors to carry cash about with its attendant security challenges.” Nigeria CBN CashlessPolicy
The House of Representatives yesterday ordered the Central Bank of Nigeria to suspend the cashless policy on bank deposits, the implementation of which began on Wednesday this week.
He further claimed that the policy was also aimed at enriching the money deposit banks owned by a privileged few, without any known financial contribution to the consolidated revenue fund of the federation. Despite the effort by Mr. Nkem Uzoma Abonta to prevail on his colleagues to tarry awhile and consult with officials of the CBN within three days to determine the veracity of the policy, the motion was widely endorsed without any dissenting voice.
“Besides, the lawmakers are not to legislate on issues that are purely monetary, because the CBN Act prohibits such. The much they can give is advisory,” he said. The Chief Research Officer of Investdata Consulting Limited, Ambrose Omodion, said the cashless policy of the CBN had encouraged more transparency and accountability in the system, thereby making fund available for developmental projects.
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