The controversy arising from the implementation of the Cashless Policy of the Central Bank of Nigerian and Currency Swap between the House of Representatives is nothing but an ego Trip on the part of the Dramatis Personae.
Legal Practitioner and Public Affairs and Policy Analyst, Liborous Oshoma, disclosed this while speaking to TVC News Breakfast Show on Tuesday Morning on the controversy that has also greeted the 10 day extension granted by the Central Bank of Nigeria.
Mr Oshoma while analysing the issues around the Controversy said the Central Bank of Nigeria has the statutory responsibility to make Monetary Policies and protect the nations’ Legal Tender While the members of the House have the pulse of the people.
He said the CBN believes it has the right to make Monetary Policies and issue legal tender and that it has given enough notice to the people to comply but added that the House of Reps members as representatives of the people who know what goes with the people more than the CBN.
He disclosed that the argument of the members of the House of Representatives is that People are complaining that the Old notes should still be in use until the new notes are in sufficient enough quantity in circulation before the old ones cease to be legal tender.
He said the claims by the Central Bank of Nigeria that the notes are in circulation has to be backed by data that shows that is the case.
He added that once this data shows that the new notes are in circulation sufficiently then it can withdraw the old notes.
He disclosed that available indices clearly shows that the Currency Swap has failed for now and the deadline should be extended and reappraised for proper and better implementation.
According to him, the stand by the Central Bank of Nigeria that it is implementing the Policy to thwart rigging or Vote buying is laughable with the currency ion sale at parties across several parts of the Country.
He also expressed worry that many are clapping for the Bank on the issue of the Currency Swap.
He added that the main grouse of the members of the House of Representatives is the non availability of the notes to the regular users has made it impossible to defend the Policy.
Going further he said members of the House will also see any decision made by the Governor of the Central Bank of Nigeria, Godwin Emefiele, from the prism of partisanship since he had been involved in the Presidential race on the platform of the All Progressives Congress.
CBN PROMISES TO WORK WITH PoS OPERATORS TO SMOOTHEN CURRENCY SWAP PROCESS
The Central Bank of Nigeria says it will work with POS agents to ensure a smooth transition from the old to the new naira notes.
The apex bank launched this intervention in Port Harcourt in response to the difficulty being experienced by bank customers since the first cash
swap deadline was announced.
Banking halls began to witness large crowd of customers who were trying to exchange the old naira notes for the new one, before the CBN’s first
deadline- January 31st.
As circulation and acceptance of the old notes dropped, people in need of money had no other choice than to turn to the ATMs.
Whether it’s a cash swap or a withdrawal, the commercial banks have been unable to handle the high demand for the new naira notes.
That’s why the CBN is bringing in POS agents to ease the pressure on the banking system and make the process easier for customers.
The POS agents are allowed a weekly maximum withdrawal limit of 500,000 naira.
Those engaged for this purpose can only give out a maximum of 10,000 naira to one customer.
Customers are also restricted to a 20,000-naira maximum withdrawal from the ATMs.
This means that the commercial banks still have much work to do even though their performance so far still leaves much to be desired.
The CBN says the direct cash swap service will visit all 23 local government areas of Rivers State until the last day of the new deadline.
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