From Adanna Nnamani, Abuja
The Conference of Nigeria Political Parties (CNPP) and the Coalition of National Civil Society Organisations (CNCSO) condemned on Monday the directive from the House of Representatives, asking the Central Bank of Nigeria (CBN) to suspend its latest cashless policy, tagging it as economic sabotage.
The groups claimed that the lawmakers lacked good intentions for the country as well as knowledge of the policy’s objectives and the numerous advantages it heralds for the country’s economy.
They also accused politicians who are against the policy of being driven by the motive to manipulate and rig the 2023 general elections using money they have stacked away.
The organizations spoke at a press conference held in Abuja.
Addressing the press, the CONCSOs National Covener, Chief Willy Ezugwu said: “Despite the efforts of the management of the CBN, led by Godwin Emefiele, who secured the approval of President Muhammadu Buhari for the redesign of Nigeria’s banknotes, many citizens, especially politicians, have continued to criticize the cash-less policy implementation.
“As we mentioned earlier, some have argued that the weekly cash withdrawal limit set by the Central Bank of Nigeria has attendant economic and social challenges. The height of the display of their ignorance of the progressive implementation of Nigeria’s cash-less policy which took effect in 2012 was the resolution by the House of Representatives last Thursday asking the CBN Governor, Mr Godwin Emefiele, to suspend the implementation of the cash withdrawal policy.
“The House of Reps also demanded that Emefiele appears before the lower chamber of the National to explain to the House the impact and significance of the new policy.
“To show that the lawmakers did not mean well, why call for a suspension of a policy that has not taken effect? The new withdrawal policy takes effect in February 2023. So, inviting the CBN governor for an explanation would have been the most appropriate step, not to order a suspension of a policy that is yet to take effect.
“This is economic sabotage and we enjoin security agencies to treat this matter with all seriousness as the National Assembly, the pronouncement, is clearly a threat to Nigeria’s economic growth.
“A good observer can easily identify three categories of people who are critical of the cash withdrawal limits introduced by the Central Bank of Nigeria (CBN). They are those who are totally ignorant of what the policy is about, those who misunderstood the policy and thought that cash withdrawal limit is the same as digital transaction limits, and those who, for political advantage, distort information about the policy in order to score cheap political points to further their corrupt and anti-people agenda
“Among the third category of people are mostly politicians who have concealed huge sums of money in their bedrooms and farms for election rigging and for vote buying. They are the same category of critics who complain about timing, forgetting that the full implementation of cash-less policy in Nigeria should have taken place in 2014.”
Ezugwu warned members of the National Assembly not to allow themselves to be used by corrupt politicians and their sympathizers in their midst to truncate the progressive cash-less journey in the Nigerian economy.
He also urged Nigerians to sacrifice for a better economy, stating that the benefits of a cashless economy outweigh the genuine challenges.
“Such gains of cash-less policy like increased convenience, more service options, reduced risks of cash-related crimes like robbery, cheaper access to banking services and access to credit as banks will have enough funds in their vaults to support small and medium scale businesses to boost the economy should be our focus. No Nigerian should support the current cash economy where corrupt politicians steal without a trace and stockpile our commonwealth in their rooms or bury stolen money in their farms.
“For corporate entities, a cash-less economy will lead to faster access to capital, reduced revenue leakage, and reduced cash handling costs, among other benefits. But for the government, it will lead to increased tax collections, greater financial inclusion, and increased economic development for better infrastructure and reduce Nigeria’s borrowing.” He noted.
In addition, the CONCSOs National Covener called on all anti-graft agencies and other security agencies to monitor Bureau De Change operators and place all politicians, political officeholders, and top civil servants on perpetual surveillance to ensure that Nigerians reap the gains of a cash-less economy soonest.