Hon. Emmanuel Uguru, a member of the Nigerian House of Representatives representing Abakaliki/Izzi Federal Constituency in Ebonyi State, has accused the Central Bank of Nigeria (CBN) of sabotaging President Bola Tinubu’s efforts to improve the country’s economy. The lawmaker argues that the CBN’s implementation of e-payment and harsh cashless policies is making life even harder for Nigerians, particularly after the removal of the petroleum subsidy.
Uguru acknowledged that the idea of e-payment is positive but criticized how the CBN’s cashless policies have been enforced. He believes these policies are increasing the hardship that many Nigerians are facing, especially those in rural areas.
At a recent event in Abakaliki, Uguru shared his frustrations with journalists, revealing that he has drafted a bill to address the negative effects of the CBN’s cashless policies. He explained a personal experience where he tried to withdraw N400,000 from a commercial bank, only to be told he could receive just N10,000.
Initially, Uguru thought this cash shortage problem was only happening in the southeastern region of Nigeria. However, he soon realized that the issue is widespread across the country. He accused the CBN of causing the crisis by failing to provide adequate cash to commercial banks while allowing POS (Point of Sale) operators to access large amounts of money.
Uguru raised concerns about how the cashless policies would affect people, especially during the upcoming holiday season. Many Nigerians, particularly in rural areas, are unfamiliar with e-payment methods, making it difficult for them to buy basic items like food and supplies. He argued that these issues need to be urgently addressed, especially since e-payments may not be practical for everyone, particularly those in rural communities who rely on cash for daily transactions.
The lawmaker urged President Tinubu to take action and address the situation, as he believes that the CBN’s actions are undermining the President’s good efforts. Uguru concluded by stating that while President Tinubu is working hard to improve the country, some of his subordinates, particularly at the CBN, are causing unnecessary setbacks.
