Nigerians have been urged to embrace the newly introduced cashless Policy of the Federal Government.
Economist, Samson Soyebi, disclosed this while speaking to TVC News’s Kemi Fola-Adeyemo on the newly introduced Policy.
Mr Soyebi who was speaking from Southampton in the United Kingdom and the Chief Executive Officer of the Honeytweet Academy said the Policy is a very good that Nigerians should be excited.
Mr Soyebi said the Federal Government has for the first time introduced a Policy that is going to affect the generality of Nigerians in a positive manner and that Nigerians should embrace it.
He said the newly introduced limit on cash withdrawals on individual accounts is a good step which will help in eradicating criminality and should not be a problem for majority of Nigerians.
He said about 90% of Nigerians do not withdraw more than one hundred and fifty thousand Naira and that just about 10% withdraw huge sums of money.
According to him the introduction of the Policy will help in reducing the cost of printing the nations currencies that is is currently born by the 90% who do not use any big sums of money.
He added that the policy will help in eradicating crime and ensuring that people are able to insulate themselves from crime.
On the protests by some Stakeholders on the introduction of the cashless Policy, Mr Soyebi said many will soon get used to the cashless Policy.
According to him, the cashless Policy is a much safer way of transacting business than the current practice of moving huge sums of money around all in the name of business.
He said the main focus of the Federal Government and the nations’ monetary authorities should be on addressing the issues raised by those who are protesting against the Policy positing that all policies come with positive and negative impacts.
He posited that the move towards a cashless Policy is impossible to stop as the world is moving towards cashless and digital Economy and that Nigeria cannot afford to be left alone.
He made copious examples of some Countries of the world who are making the majority of their transactions digitally, insisting that Nigeria will gain more from the implementation of the cashless Policy in terms of employment, Security and general Economic development.
On the issue of Security for Online or Digital transactions, he disclosed that they are far safer than the current practice of carrying around huge sums of money.