Real Reason Nigeria Must Go Cashless – Buhari, Emefiele –

Real Reason Nigeria Must Go Cashless – Buhari, Emefiele

Real Reason Nigeria Must Go Cashless – Buhari, Emefiele

President Muhammadu Buhari says the cashless policy and naira recolouring by the Central Bank of Nigeria will help the country defeat insecurity and corruption. CBN governor Godwin Emefiele concurs.

Garba Shehu, the president’s spokesman, in a statement, said Mr Buhari said this when he received briefing from members of the House of Representatives Ad-hoc Committee on cashless policy and naira swap at the State House, Abuja, on Thursday.

He, however, agreed that the apex bank should take the recommendation of the parliamentary committee to rectify identified problems.

Mr Shehu stated that Mr Buhari’s comments came as the Central Bank Governor, Godwin Emefiele, gave him an assurance that N200 currency notes taken out of circulation would be moved back from today.

The president said his speech earlier in the day was comprehensive enough and was adequate as a response to the general outcry about the problems associated with the currency exchange.

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He described the aim of the policy as “very good, security-wise” as seen from the lessening of kidnappings and associated corrupt practices.

He again accused banks of being a problem.

The CBN governor, as directed by the president, explained that the cashless policy was a global policy.

“Nigeria must go cashless. It is a global policy, checking insecurity and fighting corruption,” he said.

Mr Emefiele added that senior officers at the CBN had all been sent out, complemented by “super agents,” to take new currencies to unbanked rural populations.

He expressed optimism that the problems he described as “temporary, passing” would go away in no distant future.

He reported that he had met 15 top banks earlier in the day in an effort to resolve prevailing problems and would do so again later in the evening, assuring that “we are at the end of the problem.”

The CBN chief also gave the promise that by the end of February, ”CBN will bring into circulation between N700-N800 billion, well in excess of what is needed to run the economy.”


According to him, it is not possible to put back more than N3 trillion if the economy is to be healthy, adding that “the CBN will not be a problem with elections, and they will hold successfully as far as the Bank is concerned.”

Nigeria Must Go Cashless
Buhari and Emefiele

The leader of the Parliamentary delegation, Alhassan Ado Doguwa, the House Majority Leader and Chairman of the Ad-Hoc Committee, said the meeting with the president was necessitated by the need to bring him up to date on the “problems of implementation and unintended consequences” of the new cash policy.

While acknowledging the far-reaching quality of the president’s broadcast to the nation earlier today, the House Leader said the legislature and the executive were on the same page in so far as the goals of the policy were concerned.

He added, however, that more needed to be done to remove the “hardship and inconveniences” that had attended its implementation.



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