Moghalu cautions CBN against complete cashless policy

The former Deputy Governor of Central Bank of Nigeria (CBN), Kingsley Moghalu, has cautioned the federal government against a complete cashless policy, citing likely consequences.

Recall that the CBN after much persuasion on Sunday extended the deadline for the exchange of old naira notes by 10 days.

In a press statement issued on Sunday, Godwin Emefiele, the CBN governor, said the new deadline is February 10, 2023.

Nigerians had been complaining about the inability to swap their old notes for the new designs as the January 31 deadline loomed.

READ ALSO: Just in: CBN extends deadline for old naira notes

However, Moghalu in a series of tweets raised concerns about its implications for vulnerable Nigerians and charged the Independent National Electoral Commission (INEC) as well as security agencies to go after corrupt politicians.

He wrote: “I support the @cenbank cash-less policy (note: less cash, not NO CASH) and indeed I led its implementation several years ago as Deputy Governor for Operations. It’s more efficient and transparent. But cash must still be an option. Even in the most advanced economies this is so.

“We can’t criminalize the use of cash by citizens who chose that option, and I am emphatic about this. @inecnigeria and our law enforcement agencies are not following our corrupt politicians “bumper to bumper” as they should. Citizens shouldn’t suffer for that.

“Indeed, in a country with so much poverty and illiteracy, we must accept the limitations of this reality and focus on those fundamentals of educating and giving poor people opportunities to create income and wealth. We can’t minor in the major and major in the minor. Basics first.”