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New Cbn Withdrawals Policy Stringent, Would Affect Poor Nigerians — Metuh

Chief Olisah Metuh, who once served as the national publicity secretary for the People’s Democratic Party, PDP, has criticized the newly implemented cashless policy for being oppressive and inconvenient for low-income Nigerians.

He made the observation that in the event that it was permitted to persist, it would eventually become counterproductive. This was something that Metuh stated on Wednesday in Abuja. In the course of a conversation with a reporter from the Vanguard, he made the following statement: “The newly released circular on new cashless policy by the CBN is counter productive and a nuisance to impoverished Nigerians.” It is inconceivable that in an economy plagued with arbitrary and numerous bank charges, the Nation’s Central Bank would then make a decision to impose a mandatory purchase of Point of Sales (POS) machines on the lowest level of citizens. This would be a terrible burden to place on the most vulnerable members of society.

“This opens the door for multiple deductions to be taken from the accounts of the impoverished by the banks, which may be an opportunity to take advantage of the people.

“How can you expect Nigerians to patronize the banana and fruit sellers when you treat them like second-class citizens? Should we cease purchasing from small traders because of the delays that can occur when doing transactions due to the network?

“What about the accompanying ongoing and numerous deductions from the accounts of these minor traders?” What about the safety concerns associated with having to wait by the roadside to confirm payments?

“Would it be beneficial to implement an overnight, immediate, and nearly completely cashless policy in our economy at this time?”

Even in the most developed economies in the world, we have seen people conduct transactions using cash. People should not be prevented from withdrawing less than $30 per day or more than $120 per week if they are to participate in a flourishing economy.

“This latest guideline by the CBN is as harsh as it is counter-productive to promoting self-employment among the lowest cadre of workers.”

Metuh further stated, “I call on the CBN to mitigate these measures by placing a freeze on the withdrawal charges levied by banks and introducing regulations to ensure that transfers and transactions are not impeded by network problems.”

“If this continues, the approach would bring to mind Idi Amin’s directive to print more money in the old Uganda.

“The Central Bank of Nigeria should not permit the lives of very poor Nigerians to be frustrated to such an extent that they openly embrace crime as an alternative to the nasty policies of the government.”

At times like these, we can all agree that it is reasonable to expect our elected and appointed representatives to defend the interests of regular people.

If a society does not care about its less fortunate members, eventually it will give way to anarchy and violent uprising.

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