Politicians with questionable funds behind pressure to stall CBN cashless policy – CNPP

By Ikechukwu Okaforadi

The Conference of Nigeria Political Parties (CNPP) has alleged that politicians with questionable funds stached in their homes and farms are currently mounting pressure on the Federal Government to stall the Cashless Policy of the Central Bank of Nigeria (CBN).

Briefing journàlists Monday in Abuja, the Secretary General of CNPP, Willie Ezugwu, who spoke on behalf of Conference of Nigeria Political Parties (CNPP) and Civil Society Organisations (CSOs) under the aegis of the Coalition of National Civil Society Organisations (CNCSOs) said the politicians are only kicking against the CBN Policy because it will prevent them from buying votes in the 2023 general election.

CNCSOs while commending CBN for the new policy, also expressed optimism that the bank would not bow to pressure.

According to Ezugwu, the cashless policy will tackle corruption in Nigeria apart from vote-buying.

“For the purpose of insight, by law, Section 2 (b) of the CBN Act clearly mandates the Central Bank of Nigeria to solely issue legal tender currency in Nigeria.

“The CBN regulates the volume of money supply in the economy in order to ensure monetary and price stability in line with Section 2 (a) of the Act.

“As specified by the CBN as far back as 2012, the cashless policy is aimed at placing Nigeria among the best 20 economies in the world before the year 2020. This is a target that was never met. We’re in 20222. Is Nigeria now among the 20 best global economies? But the CBN informed the world that Nigeria would start changing to a cashless economy by January 2012 and complete the process in 2020 to be among the best economies.

“So, why are people complaining about the timing of the implementation of the new cash withdrawal limits when the CBN is running behind its own scheduled implementation target?

“Only a mischievous person will be complaining about the timing of the review of the cash withdrawal limits because we should be applauding Mr Godwin Emefiele as the CBN Governor for daring to move Nigeria’s economy into the top 20 best in the world after over seven years of stagnancy,” the groups said.