Cashless policy not meant to abolish cash transactions –Moghalu to CBN
The former Deputy Governor of the Central Bank of Nigeria (CBN, Kingsley Moghalu, has stated that the cashless policy wasn’t initiated to criminalise cash transaction.
Moghalu said the cashless policy was created during his time when he was part of the Committee of Governors at the central bank.
He explained in a post on Twitter on Thursday that the cashless policy was not to abolish cash transactions but to provide more options for Nigerians during transactions.
Recall that the central bank has been promoting the cashless policy since late 2022, which made the financial regulator to phase out the old N200, N500 and N1,000 notes before the Supreme Court judgement said the old currencies remain legal till the end of 2023.
Read also:Moghalu advocates dialogue in tackling Nigeria’s challenges
Addressing the impact of the decision of the CBN imposing the cashless policy on Nigerians, Moghalu said: “When we as the Committee of Governors @cenbank introduced the “cash-less” policy a decade ago, the purpose was to encourage digital and electronic payments for increased efficiency, but NOT to criminalize cash or abolish cash transactions for those who CHOOSE to use that method.
“I strongly disagree with any public policy direction that seeks to render Nigeria a completely “cashless” society. Even in the more advanced industrial countries, cash is still very much used. Why do we think we can leapfrog into being holier than the pope when we don’t have the essential broadband and other infrastructure, and when we have a rural and urbane low income economy that is mostly cash based
“The result is the human suffering /economic paralysis we are witnessing in Nigeria today. We should beware of “fads” out of touch with our environment,” Moghalu said.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Untold story of how inconsistent salary payment frustrates Cross River road sweepers
In this report, ARINZE CHIJIOKE chronicles the pains of street sweepers in Cross River State, and how inconsistent salary payment...
INVESTIGATION: How insider abuse, shoddy handling of contracts by non-existent firms hamper teachers’ productivity in Kano
In efforts to improve productivity of teachers in public schools in Kano State, the state’s Ministry of Education, disbursed over...
A tale of Kwara public school where pupils learn under the tree without chalkboards
“You cannot make people learn. You can only provide the right conditions for learning to happen.” – Vince Gowmon But...
SPECIAL REPORT: Indiscriminate waste dumps, open defecation pose threat of epidemic in Kwara as govt slow to act
Forty three-year-old Bilikis Abdulrahman covered her pineapple fruit she is selling inside a white bucket container. This, she does to...
SPECIAL REPORT: Women displaced by conflict in North-Central Nigeria become farm helps to survive
Displaced women finding refuge in Abagena camp for Internally Displaced Persons (IDP) camp in Makurdi, Benue State have resorted to...