CBN’s controversial cash policy
Following the recent cash withdrawal directive, the CBN and its governor, Godwin Emefiele, have received so much backlash from Nigerians and business owners who see the policy as draconian.
The first is from the Association of Mobile Money and Bank Agents in Nigeria. They wrote an 8-paragraph letter to the CBN urging and appealing for the whole policy to be reviewed. The concern from some quarters is that the timing of the announcement of this policy was terrible and the fact that this new policy will probably increase the cost of doing business in the country. Some also worry that this new policy is just a mere distraction from the pertinent issues affecting the country.
The news of the policy wasn’t received so well in the House of Representatives too as they summoned the Governor of the CBN to the house for a proper explanation of this new directive. He is billed to appear in front of the house next week Thursday.
A member of the House, Aliyu Magaji moved a motion for the matter of the policy to be tabled and discussed because of the growing concerns about how this policy will affect people in rural areas where everything is done with cash and they have no access to financial institutions.
The speaker of the house of assembly Hon. Femi Gbajabiamila then noted that he will meet with the president of the senate Ahmed Lawan and discuss a possibility of a joint session with the CBN governor present.
The CBN governor has since replied to the National Assembly’s concern about the policy stating that the policy isn’t set in stone and that there will be upward reviews with time. According to him, the policy isn’t to make life hard for Nigerians but to boost and improve the economy of the country.
#STATEAFFAIRS is a segment that gives you a quick rundown of various political and state issues as they happen in the most simple, subtle language. In this edition, we are looking at the backlash on the new CBN withdrawal policy.
