Emefiele’s Cashless Policy Disastrous – Shehu Sani

Posted by Thandiubani on Fri 03rd Feb, 2023 - tori.ng

The ex-lawmaker posited that the apex bank has become a political institution, stating that as a developing nation, economic policies such as this would have taken the status of Nigerians into cognisance.

A former federal lawmaker, Shehu Sani has criticized the Central Bank of Nigeria's governor, Godwin Emefiele over his cashless policy.

Sani said the policy is disastrous and poisonous.

Sani was reacting amid hardship being experienced in withdrawal of money by bank customers leading to queues across the country.

In a statement he issued on Friday and sent to DAILY POST, Sani wondered how public policy should be a catastrophe to people rather than being a succour.

He said: “The redesigning of the National currency and the cash withdrawal policy introduced by Godwin Emefiele is an economic disaster and a poisonous idea aimed at unleashing hardships on the masses of Nigerians.

“If the Buhari administration really wants to target the few corrupt, it doesn’t have to wait this long and it doesn’t have to impoverished punish the poor. Emefiele set a forest on fire in the name of catching a few rats.”

“The CBN has become a political institution and a home for serpentine and delirious economic ideas.

“The CBN under Emefiele has become a shrine for misery and a breeding ground for penury. It has become a republic within a republic,” he said.

He queried reasons Buhari allowed the policy at the twilight of his administration, particularly in 2019 when he recontested to stop vote buying.

“Why didn’t the Buhari administration introduce the change of currency in 2019 and waited until 2023 if the CBN policy is about curbing vote buying?

“Nigeria has been turned into a vast refugee camp where people queue for cash ration. Nigerians have subjected to the multiple tragedies of struggling for money, searching for money, looking for money and scratching for money.

“Nigerians used to buy Dollars at the black market, now they are also buying Naira at the black market.

“The Ahmed Lawan led Senate has failed to checkmate the excesses and autocracy of the CBN because the leadership is in bed with it. The House of Reps have a clear and principled position on the matter”, he concluded.