Initiatives for Patriotic Nigerians, march to the National Assembly, on Thursday, seeking support for the Central Bank of Nigeria’s (CBN’s) cashless policy and Naira redesign.
The protesters included children, men and women, who marched from the federal secretariat building to the National Assembly’s gate in Abuja, carrying bearing banners and cardboards with inscriptions: “Central Bank of Nigeria Cashless policy will Help Stabilise Exchange Rate,” “Cashless Policy will Promote Free and Fair Elections,” “Cashless Policy Best for Economic Growth.”
The Convener, of Initiatives for Patriotic Nigerians, Barr Abubakar Kurawa, spoke to newsmen during the demonstration and explained that the CBN’s cashless policy and Naira redesign will check insecurity and terrorism.
He added that the CBN will be more effective in managing the economy when the cashless policy is fully implemented.
Recall that the Central Bank Of Nigeria under the able leadership of Mr Godwin Emefiele has issued a directive, reviewing downward, over-the-counter cash withdrawal limits of individuals and corporate bodies. And the apex bank also reduces the limit of daily ATM withdrawals.
Kurawa said: “On our part as Patriotic Nigerians we gather here today to lend our collective voices to this raging debate and to clearly state our position allying ourselves on the process with the stand of the CBN.
“It’s not in dispute that proliferation of liquid cash in the hands of many creates more damage than good to the country, be it Economic, political or security-wise.
“Let’s talk about security; there is no gain in saying that criminals such as kidnappers, drug dealers, oil thieves and so many not mentioned, always make use of cash to achieve their illicit goals.
“Given this fact, coupled with the present security challenges across the country, all hands must be on deck to ensure that necessary support is provided to curb the menace. In the case of CBN, the support it can give in this regard is to curtail the money in circulation, hence this policy can’t be more timely.
“Also, this is an election period. Due to amendments to Electoral Acts which make open manipulation of election results practically impossible, some politicians are likely planning to indulge in massive vote buying (we witnessed what happened in the recently concluded Ekiti and Osun gubernatorial elections).
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“To this end, CBN is playing its corporate social responsibility by making sure that huge cash withdrawals are made very difficult or impossible. This helps in ensuring free and fair elections.
“As the center piece of Nigeria’s economy, the Central Bank of Nigeria will be more effective in managing the economy when this cashless policy is fully implemented. Inflation would be brought to its minimum while the exchange rate will be firmly in control.
“The Cashless Policy has been in place only in principle in the past, but now, with the introduction of the new transactions limit by the Governor of Central Bank and his Team, the policy may be fully operational with its concomitant benefits to the nation.
“We at the Initiatives for Patriotic Nigerians are fully behind Mr Emefiele and his team for this giant stride as we invite all well-meaning Nigerians to support the policy. Equally, we urge Mr Emefiele and his dedicated team to remain resolute and committed to the full implementation of the policy for the benefit of all Nigerians.”