CBN TOLD TO RESTRUCTURE THE CASHLESS POLICY

Guests on Political Watch, a Radio Nigeria Enugu Zonal Network programme have called on the central Bank of Nigeria, CBN to restructure the cashless policy for a sustainable economic development. One of the speakers and financial expert, Dr Nkaa Dim, said the policy which was aimed to deepen the financial system of the nation favoured Commercial Banks and the government while transferring cost of banking to the customers.

Dr Dim urged the Central Bank to put up other better measures of improving the economy and the welfare of the people. Meanwhile, Dr Emeka Okereke, a Public Affairs Commentator advised the Government to suspend the policy, noting that it was implemented at the wrong time.

Dr Okereke said that the CBN would have involved stakeholders in the financial sector and sensitized the citizens before its implementation, noting that the policy would cause a ripple effect on the nation’s economy. One of the callers in the programme, Mr Chime Okorafor however supported the implementation of the policy. But many others said that banks in the country lacked technological structure to effectively carry out the policy.

Meanwhile, the cashless policy has taken effect in Abia, Anambra, Ogun, Lagos, Rivers and Kano states as well as the Federal Capital Territory, FCT.

EMMANUEL TEWARSE