CBN Cashless Policy Will Greatly Affect 2023 General Election, Other Economic Variables – Dickson

The Former Governor of Bayelsa State and Senator representing Bayelsa West Senatorial District, Henry Seriake Dickson has pointed out the economic implications of the implementation of the cashless policy introduced by the Central Bank of Nigeria (CBN), plus the screening of two nominees as Deputy Directors of CBN by President Muhammadu Buhari.

The senator while addressing newsmen after the plenary session of the senate stated the negative impacts and economic challenges of the implementation of the cashless policy introduced by the central bank of nigeria, which limits individuals to make cash withdrawal of 20k for a day, and 100k for a week, stressing the negative implications of the policy at this point in time.

In a statement sent to hotnews in Yenagoa, the Bayelsa state capital, the senator described the cashless policy coming at the wrong time, most especially when the country is going into general elections in the next few months. The statement read in parts:

“The senate committee on banking and currency sat to screen the President’s nominees, two deputy directors of CBN for re-appointment. I also joined the exercise as a member of the committee.

“My understanding is that last week, the Senate in plenary had expressed a view that the cashless policy implementation should be raised and discussed thoroughly during the screening of Mr. President’s nominees by the Committee slated for today.

“Unfortunately, there was no opportunity for the questioning of the policy. However, I feel that in the national interest and on my honor, I should state my position for the records.

“I feel obliged as a Nigerian citizen, as a Senator of the Federal Republic of Nigeria and in the national interest to state my objection to the implementation of the cashless policy within the timeframe as announced by the CBN.

“Let me make it clear that I am not opposed to the screening and clearance of Mr. President’s nominees. They are current office holders and serving as the Deputy governors of the Central Bank of Nigeria and unless there are petitions which I do not believe there are, then it goes without saying that Mr. President’s view of their suitability should be obliged. So, I congratulate the two of them.

“But my view is arising from the observation by the Senate last week that issues about the policy raised to get further clarification will be from the nominees of the President. I thought that their appearance at the committee today will provide Nigerians with a golden opportunity to hear more from the CBN.

“There are widespread concerns across the country and from my constituents and others I interact with as to the probable negative social and economic crisis that may be caused by this policy.

“We recall that this policy has been muted for a long time for over 10 years. It is also true as stated even today by the deputy governor of the CBN that the implementation of this policy has been shifted three times. That speaks to the complexity of the challenges that we must consider before the national roll out of this policy.

“I believe that the current security challenges, the hunger, anger and division in the country are potent dangers to our stability as a nation and all efforts by our security services, Institutions and INEC, the President and all leaders should focus on how to work towards the successful conduct of the next general elections that will be held in two or three months time.

“There is a lot of division, anger and palpable fear in the land which is a matter of concern and which is being exploited by some.

“To add to these challenges of insecurity, division, hunger and anger in the land by rushing into the implementation of the twin programmes of redesigning of the Naira and cashless policy implementation which limits cash transaction to 20k a day for individuals and 100k a week will create untold hardships and may affect social and economic stability of individuals and corporations especially small businesses in our largely rural population.

“This will create more problems, distraction of the security forces and of the leadership of the country and may distract us all from what we should be doing now for the election.

“I strongly feel that there are too many issues affecting the country and all efforts should be geared towards the singular goal of delivering a free, fair, peaceful and safe election.

“It is important that all leaders and stakeholders must work in tandem in-spite of party differences.

“It is already a dangerous dimension. The elections are taking a Tribal and religious dimension and the consequences of which are severe. It is on the account of all of these that I feel that the cashless policy which is desirable and which we are not opposed to in principle should be left for the next administration after the general election.

“I believe that if in the last 10 years, the institutions have had reason to postpone the implementation of this policy, then this is no time for us to rush into while we are 2 months away from the general election and at the twilight of a government that has less than 7 months to go.

“We believe that the consequences of this policy, when and how to implement should be left for the next government to handle. The next government will have enough time to fine tune it, roll it out and manage the consequences.