Prof. Itse Sagay (SAN), Chairman of the Presidential Advisory Committee Against Corruption (PACAC), has warned the ruling All Progressives Congress that the Central Bank of Nigeria (CBN) cash withdrawal policy could cost it the election.
Goldennewsng reports that in his Sunday speech, Sagay slammed the CBN for attempting to impose the cashless policy on Nigerians.
Sagay, who exclusively spoke with the Daily Independent, stated that the majority of automated teller machines (ATMs) are still dispensing the old notes while the new ones are not fully in circulation. Sagay supported the calls for the extension of the old notes’ withdrawal date of January 31.
Sagay warned that the CBN governor Godwin Emefiele’s statement that there is no going back on the policy was barbaric, brutish, and uncivilized, and that the policy could lead to an economic disaster for Nigeria if it was not addressed immediately.
Sagay specifically stated that the ruling All Progressives Congress (APC)’s fortunes in the 2023 general elections may be impacted by the policy, which is unpopular with many Nigerians.
“I am even enraged that this government allows him to do that because it will make the APC unpopular,” he stated. The APC government is causing this difficulty, and an election is coming up soon.
“I think Emefiele might be a shady member of a different party trying to incite animosity toward the APC. Given that we are only a few days away from the general election, I am unable to comprehend why he should present this policy at this time.
“I do not comprehend why this government should accept such a recommendation that is extremely detrimental to them and their political prospects in the upcoming elections. The whole thing is a disaster for me.
He went on to say that the developed nations that Emefiele is trying to imitate still use legal tender in the form of notes and do not introduce new notes as quickly as the CBN governor was doing.
I believe that the cashless policy as a whole is a failure. I dislike people who attempt to exaggerate how modern they are. You want to follow in the footsteps of America, so you’re implementing a cashless policy. They continue to use cash in the United States. This year, I was there. I used cash numerous times.
Therefore, you are not compelled to implement a cashless policy. The African man wants to imitate, and he does so in a very uncivilized and ignorant manner. Why is Emefiele attempting to coerce individuals? Why has he set a deadline for using the previous currency?
The new curriculum is not yet available, even though the deadline is rapidly approaching. The old notes are all I’m getting when I withdraw money.
“Why should he even tell me how much of my own money I should withdraw?” I will adopt the electronic transfer method if I find it more convenient without being pressured to do so.
For instance, I now have an ATM card because I can easily use it. It’s a matter of convenience rather than using force. Africans have a propensity to imitate in a brutal manner, employing force without providing the facilities necessary to accomplish their goals. They cause societies hardship by doing so. This CBN policy has the potential to result in an ecological catastrophe for this nation if we are not careful.