By Dare Akogun
Immediate past governor of Kwara State Alhaji Abdulfatai Ahmed has thrown his weight behind the new monetary policy of the Central Bank of Nigeria, CBN saying the cashless policy will enhance the credibility if the 2023 general elections.
Ahmed who was speaking with Sobi FM in Ilorin the Kwara state capital on Tuesday argued that any keen observer of the current economic situation in the country will agree that there is more cash outside the banking system than within.
He said the current situation will allow the Central Bank of Nigeria monitor it’s monetary policies which he says are the major indices used in evaluating the nations economic growth.
“According to him any keen observer of our current economic situation will agree that we have more cash outside the banking industry than within the banking industry.
The former banker turned politician also said the introduction of the policy will make the general election to be free fair without monetary inducement of voters, which he says has characterized our elections in recent past.
“Cash is meant for exchange of goods and services and not for its storage value and the CBN is saying the deposit banks are responsible for holding this cash and whenever it’s needed , people are expected to give instructions on it.
“This current policy will help the CBN control and and ensure it’s monetary policies are functional within the premise of what is available in cash , so that they can manage and monitor the flow of cash in the system,” he said.
The former banker turned politician also said the introduction of the policy will make the general election to be free fair without monetary inducement of voters, which he says has characterized our elections in recent past.
” We have been running election in Nigeria and money has been at the forefront,and the implications is that it has beclouded our capacity to question those coming out to solicit for votes if they are are capable or not.
” For the first time this policy will make it difficult for cash to be available for the purpose of vote buying.
“With the introduction of this policy, money will be at the forefront in determining how we select leaders in the country again,” he says.
There had been mixed reactions following the CBN’s introduction of the revised cash withdrawal limits on December 6, 2022, following its recent currency redesign project.
The cashless policy of the CBN is geared towards safeguarding the interest of Nigerians as represented in the bank’s Five-Year Policy Thrust which was launched by the CBN Governor, Godwin Emefiele at the inception of his second term in office in 2019.
