A member representing Abakaliki/Izzi Federal Constituency, Chief Emmanuel Uguru, has accused the Central Bank of Nigeria, CBN of sabotaging President Bola Tinubu-led federal government through the introduction of e-payment and other harsh cashless policies in the Nigerian banking system.
He described e-payment as the good initiative by the CBN but maintained that its cashless policy operational style with the commercial banks in Nigeria has become obviously a calculated effort to increase the hardship confronting Nigerians since the petroleum subsidy removal in the country, especially in the festive periods.
Uguru made this known yesterday at Abakaliki, the Ebonyi State capital while interacting with journalists after receiving a chieftaincy title - Agbarungele 1 of Izhi Nnodo Clan from the Izzi Development Union, IDU, during the union's 2024 end-year party.
The lawmaker said he has prepared a bill to present in the National Assembly next week, saying his concern would be on tackling the CBN's harsh cashless policies, by bringing back a healthy transaction in the country's commercial banks without any further delay.
His words: "I have a bill that is on the ground now; just go to any bank today, you see, nobody gives cash. I thought this ugly development took place only in the Southeast region of Nigeria.
"I would have presented the bill last week, but it's coming up next week. When I went to Abuja, I put in a cheque for N400,000, and the commercial banker said he would only give me N10,000. Otherwise, I would have hit back that the easterners were not treated well. Little did I know that the cashless problem is a national issue, but when you go to POS people, you see them with mint, and you buy from them.
"Who is causing this cashless problem? It's the Federal government through the Central Bank of Nigeria. This is the trouble we are facing in Nigeria: who is fooling who? Where are we going to? I think this is the area Mr President should look into seriously. We see him as a President who has done a lot to improve the lives of Nigerians. However, people misconstrue a lot, like I mentioned, their expectations, and they have to be patient with Mr President.
"But Mr President should also not think it will take a donkey years to fix the country; otherwise, the people's patience will elapse. Mr President is trying a lot, but there are some of his subordinates, like in the Central Bank of Nigeria who are sabotaging his good efforts. Why should the bank - commercial banks throughout the whole country expect you to do e-payment, especially now we are entering the festive period?
"How do the banks expect people to make e-payments to your mother in the village when you want to buy pepper and other items for her? Much as we agreed that e-payment reduces theft and other crimes, there's no way somebody will come to the farm to harvest rice, and you begin to tell her of the transfer. Does she know what is POS?
"So, there is no money in commercial banks, and now we realize that it is not the fault of the commercial banks because, imagine where Central Bank gives N200,000 to a commercial bank and the CBN will be coming to monitor them, yet the same CBN sells to the POS people mints as much they want. If the POS person wants N100 million, they will get it from CBN mints. I, Emmanuel Uguru went and bought the mints as well. I didn't buy the mints because I needed them, but I used them as proof so that nobody would say it was not true. From my findings, the efforts of Mr President to improve the livelihoods of Nigeria have been sabotaged."
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