Chief Olisa Metuh, a former national press secretary for the Peoples Democratic Party (PDP), has criticised the Central Bank of Nigeria’s (CBN) new cashless policy, arguing that it is inconvenient for low-income Nigerians.
It is unfathomable, Metuh said in a statement, that in an economy plagued by arbitrary and repeated bank charges, the Nation’s Central Bank would decide to inflict the lowest level of residents with compulsory acquisition of Point of Sale (POS) devices.
He warned that the new approach could allow banks to rip off the poor by subjecting them to several deductions.
As a result, he encouraged the CBN to mitigate these measures, such as a freeze on withdrawal costs by banks, and to implement regulations to ensure that network problem do not hamper transfers and transactions.
“How do you expect Nigerians to patronise the banana and fruit sellers? What of the attendant ceaseless and multiple deductions from the accounts of these petty traders? What of the security scare of waiting to confirm payments by the roadside? Should we stop buying from petty traders because of network delays in effecting transactions?
“Is this a good time to effect a sudden, immediate, almost total cashless policy in our economy?”
While many Nigerians have seen cash transactions in developed economies, Metuh argued that no flourishing economy could exist where people are limited to withdrawing less than $30 per day or $120 per week.
“This new directive by the CBN is as draconian as it is counter-productive to self-employment at the lowest cadre.
“Finally, I call on the CBN to mitigate these measures with a freeze on withdrawal charges by banks and introduce policies to ensure that network problem do not impede transfers and transactions.
“Otherwise, the policy will be reminiscent of Idi Amin’s order to print more money in the old Uganda.
“The CBN should not allow the lives of impoverished Nigerians to be frustrated to such an extent as openly embracing crime as an alternative to mean government policies.
“At times like this, we all expect our elected and appointed representatives to defend the interest of the ordinary people. A society that does not care for the poor will eventually witness anarchy and violent revolt,” he warned.