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Lawmakers Call for the Review of the Cashless Policy of CBN

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The Nigerian lawmakers has called on the Central Bank of Nigeria (CBN) to review its cashless policy saying that it limited Nigerians’ access to fund for business and personal transactions.

One of the lawmakers, Adams Jagaba who expressed dissatisfaction with the policy said that the policy affected the middle class businessmen mostly because they have to source for foreign currency from the Bureau de Change (BDC) for the running of their various businesses . According to him, the current cashless policy inhibits business growth.

Abubakar Amuda-Kannike, another lawmaker who criticized the policy said that it restricted citizens’ ability to do business transactions freely. As he puts it, ‘the challenge is the strangulation of Nigerians’ capacity to spend due to its many limitations. It is encouraging racketeering and black marketing. Many businesses have gone under since the policy was introduced. It is my view that the policy must be reviewed together with power and information technology sector as they are equally critical to the success of the policy.”

After several debates and arguments on the issue in the lower chamber, the motion for the review of the policy was unanimously accepted. Consequent upon that, the House’s Committee on Banking and Currency was charged with the task of looking into the motion paying attention to the rate at which private businesses and government agencies have embraced the policy and ways of making sure that facilities are provided for the smooth implementation of the policy which according to Edward Pwajok, a Peoples Democratic Party’s member of the house, was introduced in 2012.