CENTUS NWEZE REPORTING
Prof Itse Sagay, SAN, President Mohammadu Buhari’s choice as Chairman, Presidential Advisory Committee Against Corruption (PACAC), has kicked against Central Bank of Nigeria, CBN’s Cashless Policy despite its projected ability for better monetary tracking and stemming of corruption in the country.
Much of illicit cash movement and other related crimes have been linked to rampant cash carrying practice prevalent in economic transactions in Nigeria and experts had tippend the new policy as recipe to curb it.
But Sagay, of the ruling All Progressives Congress, APC, strangely on Sunday, came down hard on the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, a fellow appointee of Mr President, accusing him of trying to force the cashless policy on Nigerians.
A media report quotes the professor of Law also backing the calls for the extension of the January 31 withdrawal date of the old notes saying that most Automated Teller Machines (ATM) are still dispensing the old notes while the new ones are not fully in circulation.
Alongside the cashless policy that limits cash withdrawal from pay points, the CBN also redesigned some of the higher denomination currency of the naira.
Describing Emefiele’s action as brutish, uncivilised and barbaric, Sagay warned that the policy can create an economic disaster for Nigeria if not urgently addressed.
“I think the whole thing (cashless policy) is a disaster. I don’t like people trying to show off that they are very modern.
“You are introducing cashless policy bla la bla, you want to be like America.
” In America, they are still using cash. I was there this year.
I used cash on many occasion.
“So, nobody is forcing you to adopt cashless policy. It is the African man that wants to imitate and he does that in a very ignorant and uncivilised manner. Why is Emefiele trying to force people? Why is he putting deadline on the usage of the old currency?”.
“The deadline is almost here now yet the new currency is not available.
I have been withdrawing money and all I’m getting are the old notes.
Why should he even tell me how much to withdraw from my own money?
If I find the electronic transfer more convenient, I will adopt it without anyone mounting pressure on me to do so”, Sagay railed.
The professor joins a long list of politically exposed individuals, particularly from the APC and keenly eyeing next months elections kicking against both the cashless policy and currency change deadlines.
But not a few people believe that the combination of the new electoral law, specifically the electronic transmission of votes and the cashless and currency change policies would greatly stymie vote buying and other polling malpractices next month.