Ohanaeze, Yoruba youth councils back CBN cashless policy

The CBN had last week announced some cash withdrawal limit policies, a development that has generated mixed reactions among Nigerians.

However, the youth councils in separate statements issued by the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike and his Yoruba counterpart Comrade Eric Oluwole said the youths were in support of the decision of the apex bank.

The youth council leadership berated members of the National Assembly for kicking against the policy, pointing out that corruption was fighting back.

On the part of Mazi Nnabuike, he said, “at a time the economy is bleeding, Nigerians should support any measure aimed at stabilising the Naira. The cash withdrawal limit is an effective monetary policy.

“We the Igbo youths are firmly in support of the policy as it would aid in fighting corruption which has been entrenched in the Nigerian system. We also have no doubt that it will help in the stabilisation of the exchange rate and reduce inflation.

“Besides, it is also a bad market for all vote buyers. As Nigerians prepare for the 2023 election, all those who have stashed money waiting to buy voters must be living in regrets now.”

Nnabuike, while noting that there were other far-reaching benefits “that would help secure the future of our children and our youths”, urged the National Assembly to stop further opposition to the policies, stressing that in long run, the masses would reap the benefits of the cashless policy.

Oluwole on behalf of the Yoruba youth Council, which is the umbrella body for all Yoruba youth organisations, said that the redesign of the nation’s currency will accelerate Nigeria’s migration into a cashless economy as happening in many countries across the globe.

He said the advantages of the policy include effective monetary policy, fighting corruption, and helping in the stabilisation of the galloping exchange rate.

Oluwole added that the cashless policy and redesigning will help to drastically reduce inflation, and engender free and fair elections “among other benefits that are far-reaching that will help secure the future of our children and our youths.”

Comrade Oluwole however urged the CBN to orientate Nigerians about this development, adding that the people need to know the advantages of the policy in order not to cause confusion.

“The cashless policy being fully implemented by CBN is not new, as required steps in that direction, were taken in 2012 with Lagos State as a pilot scheme and Abuja and some other six states in 2013.

“The cashless policy will drive development and modernisation of our payment system in line with Nigeria and it is an efficient and modern payment system that is positively correlated with economic development and is a key enabler for economic growth.

“To reduce the cost of banking services (including the cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach. To improve the effectiveness of monetary policy in managing inflation and driving economic growth,” he said.

He corroborated the CBN governor’s position that high cash usage results in a lot of money outside the formal economy, thus limiting the effectiveness of monetary policy in managing inflation and encouraging economic growth.

“Inefficiency and corruption, high cash usage enables corruption, leakages and money laundering, amongst other cash-related fraudulent activities.

“The redesign was to check currency fraud; deal a fatal blow to the growing worrisome kidnapping and ransom industry: reduce inflation and control the amount of money in circulation,” he added.

-sun news