CBN cashless policy harsh on Nigerians, says Uguru

A member representing Abakaliki/Izzi Federal Constituency, Chief Emmanuel Uguru, on Monday, said that the cashless policy and e-payment introduced by the Central Bank of Nigeria, CBN is hash on Nigerians, adding that urgent steps need to be taken to address the situation.

In a chat with Journalists in Abakaliki, the Federal lawmaker noted the policy is sabotaging President Bola Tinubu-led government and accused banks of using it to increase the hardship confronting Nigerians.

Though he described e-payment as a good initiative by the CBN but maintained that the policies will bite more on the people since the petroleum subsidy removal in the country, especially in the festive periods. 

Uguru noted that he went to the bank and put in a cheque for N400,000, and the bank staff surprisingly said he would only get N10,000.

He revealed that he has prepared a bill to present in the National Assembly next week on the matter.
 
“Much as we agreed that e-payment reduces theft and other crimes, there’s no way somebody will come to the farm to harvest rice, and you begin to tell her of the transfer. Does she know what is POS?” he said. 

“So, there is no money in commercial banks, and now we realize that it is not the fault of the commercial banks because, imagine where Central Bank gives N200,000 to a commercial bank and the CBN will be coming to monitor them, yet the same CBN sells to the POS people mints as much they want.

“If the POS person wants N100 million, they will get it from CBN mints. I, Emmanuel Uguru went and bought the mints as well. I didn’t buy the mints because I needed them, but I used them as proof so that nobody would say it was not true. From my findings, the efforts of Mr President to improve the livelihoods of Nigeria have been sabotaged.”