CMA urges CBN to halt action on cashless policy

By Ndu Samuel

A right group known as Common Men Assembly has called on the central Bank of Nigeria CBN and the Federal government to take a second look at the cashless policy recently announced by the apex bank.

The group through a statement issued to newsmen in Warri on Monday by its national Chairman, Jude Angodideke warned that the policy if implemented will do more harm than good to the common man, especially business owners who may have to visit banks on daily basis to make cash deposits.

The group which said that its mission is to defend the interest of the common man at all times noted that the current CBN policy is one action that requires that they speak up for the masses ” we believe this is one time they will need us to speak for them ” they said.

They maintained that when viewed from another perspective, the policy has good intention because it discourages carrying large sum of money from one point to another but noted that the timing is wrong.

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They also commended the House of representatives for their intervention in calling on the CBN to suspend further implementation of the policy till further notice, describing the decision of the house as a timely one.

While calling on the CBN and all stakeholders in the economic and monitory policy formulation of Nigeria to critically reconsider the policy in relation to the views of the economically weak masses.

” We urge CBN and all stakeholders in financial policy formulation to critically look into the policy and consider the yearnings of the common people over it. ”

Recall that the CBN has through an official circular dated September 17 2019 announced a new policy on cash based transactions which stipulates cash handling charge on daily cash withdrawals that exceeds N500, 000 for individuals and N3,000000 for cooperate bodies.

According to CBN , the new policy on cash based transactions in bank aim at reducing the amount of physical cash circulating in the economy and encouraging more electronic based transactions.

Since the announcement of the policy, there have been negative reactions from citizens of Nigeria, the recant was an order from the lower house of the legislature directing the apex bank to halt actions on the policy.

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