Ohanaeze, Yoruba youth councils back CBN cashless policy

December 11,2022

Ohanaeze Ndigbo Youth Council Worldwide and the Yoruba Youth council said introducing the new cash policies by the Central Bank of Nigeria (CBN) will instill discipline and curb corruption in the lives of Nigerians

The CBN had last week announced some cash withdrawal limit policies, a development that has generated mixed reactions among Nigerians.

While some Nigerians are against the policy that it would affect the economy of the country, others strongly believe that it is a way of checkmating the use of money by politicians to buy votes and do other things that are causing inflation in the country and thereby putting the lives of many Nigerians in danger

The youth councils in separate statements issued by the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike and his Yoruba counterpart, Comrade Eric Oluwole, stated that the youths were in support of the decision of the apex bank that is meant towards stabilising the country’s economy and restore sanity in the expenses of Nigerians both the rich and the poor.

The youth council leadership blasted members of the National Assembly for kicking against the policy, saying that corruption was fighting back the good policy of the apex bank in adding value to the country’s currency, lamenting that they care less about the wellbeing of Nigerians that voted them into power

The statement believed that the new cash policy would definitely check corruption and other abnormalities by corrupt politicians thereby inculcating the culture of contentment of using a little amount, a departure of the flamboyant way of life Nigerians are forcing themselves into resulting in corrupt behaviour.

According Mazi Onabuike, “At a time the economy is bleeding, Nigerians should support any measure aimed at stabilizing the Naira. The cash withdrawal limit is an effective monetary policy.”

The group said it is firmly in support of the policy as it would aid in fighting corruption that has been entrenched in the Nigeria system, stressing that they have no doubt that it will help in the stabilisation of the exchange rate and reduce inflation that is fast going up in the country and making many Nigerians live from hands to mouth.

Besides, the group added that it is also a bad market for all vote buyers. As Nigerians prepare for the 2023 election, saying that all those who have stashed money waiting to buy voters must be living in regrets now as it is aimed to ensure corrupt candidates find their in the helm of affairs of piloting the direction the country goes.

It explained that there were other far reaching benefits that would help secure the future of the children and youths, urging the National Assembly to stop further opposition to the policies as the masses would reap the benefits in the long run for their development as citizens of the country.

Comrade Oluwole, on behalf of the Yoruba youth Council, which is the umbrella body for all Yoruba youth organisations, said that the redesign would accelerate Nigeria’s migration into a cashless economy as happening in many countries across the globe that are fast growing in all ramifications.

He said the advantages of the policy include effective monetary policy, fighting corruption and helping in the stabilisation of the galloping exchange rate in Nigeria that has put many Nigerians into serious hardship.

Besides, Oluwole said that the cashless policy and redesigning would help to drastically reduce inflation, and engender free and fair elections among other benefits that are far reaching that will help secure the future of our children and youths.

Comrade Oluwole however urged the CBN to orientate Nigerians about this development, adding that the people need to know the advantages of the policy in order not to cause confusion that will be to their detriment.

“The statement observed that the cashless policy being fully implemented by CBN is not new, as required steps in that direction were taken in 2012 with Lagos State as a pilot scheme and Abuja and some other six states in 2013.