CBN’s New Cashless Policy Counterproductive For Petty Trading

CBN’s New Cashless Policy Counterproductive For Petty Trading – Metuh

BY Ogechi Chukwu
a year ago

Chief Olisa Metuh, a former national publicity secretary for the People’s Democratic Party (PDP), has stated that the Central Bank of Nigeria (CBN)’s new cashless policy is counterproductive and an inconvenience for poor Nigerians.

Metuh in a proclamation said it is unfathomable that in an economy perplexed with irregular and different bank charges, the Country’s National Bank will choose to cause the most minimal degree of residents with a compulsory obtaining of Point of Sales(POS) machines.

According to him, the new policy may provide banks with an opportunity to defraud people by putting the poor at risk of multiple deductions.

As a result, he urged the CBN to mitigate these measures by imposing policies to ensure that transfers and transactions are not hampered by network issues and freezing bank withdrawal fees.

“How do you expect Nigerians to patronise the banana and fruit sellers? Should we stop buying from petty traders because of network delays in effecting transactions? What of the attendant ceaseless and multiple deductions from the accounts of these petty traders? What of the security scare of waiting to confirm payments by the roadside?

“Is this a good time to effect a sudden, immediate and almost total cashless policy in our economy?

Metuh, who noted that many Nigerians have witnessed cash transactions even in developed economies of the world, said there is no thriving economy where people are restricted from withdrawing less than $30 in a day and $120 in a week.

“This new directive by the CBN is as draconian as it is counter-productive to self employment at the lowest cadre.

“Finally, I call on the CBN to mitigate these measures with a freeze on withdrawal charges by banks and introduce policies to ensure that transfers and transactions are not impeded by network problems.

“Otherwise the policy will be reminiscent of Idi Amin’s order to print more money in the old Uganda.

The CBN should not allow the lives of very poor Nigerians to be frustrated to such an extent as openly embracing crime as an alternative to mean policies of the government.

“At times like this, we all expect our elected and appointed representatives to defend the interest of the ordinary people. A society that does not care for the poor will eventually witness anarchy and violent revolt,” he said.