The suspension order clamped on the cashless policy implementation, suddenly reintroduced last week by the Central Bank of Nigeria (CBN), may have served as a rebuke to public institutions to learn not to take Nigerians by ambush.
Almost two years after its suspension, the banking public were caught unawares last week when the policy was suddenly exhumed and decreed to be binding on them.
But in a swift reaction, the House of Representatives last week ordered the Central Bank of Nigeria to suspend the charges imposed on cash deposits in the implementation of its cashless policy.
Suspending the policy, the House of Representatives ordered that a lid be placed on its implementation until the apex bank makes adequate consultations with relevant stakeholders.
The Director-General of the Nigeria Employers Consultative Association (NECA), Mr Timothy Olawale, while expressing his disgust on the sudden reintroduction of the policy, said the directive was purportedly to move the country into a cashless economy, and reduce crime involving cash, but that there should have been enough notice before its implementation.
Speaking in the same vein, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Mr Muda Yusuf, said the notice given by the CBN was too short and that it would have disruptive effects on bank customers and other stakeholders. He suggested a much longer notice.
“The latest circular by the CBN should have given a much longer notice to economic players. The notice given for the effective date is extremely short. The circular was dated September 17 while the effective date was September 18, 2019.
“This is just a notice of one day. This would have short-term disruptive effects. We implore the CBN to give at least two months to allow for players in the economy to adequately prepare themselves…”