Hon. Emmanuel Uguru, a member of the House of Representatives representing Abakaliki/Izzi Federal Constituency in Ebonyi State, has accused the Central Bank of Nigeria (CBN) of undermining the efforts of President Bola Tinubu’s administration. According to Uguru, the CBN’s harsh implementation of e-payment and cashless policies is exacerbating the economic hardship Nigerians are already facing, particularly following the removal of the petroleum subsidy.
While Uguru acknowledged the benefits of e-payment, he criticized the manner in which these policies have been enforced in commercial banks, claiming it is making life more difficult for Nigerians. He pointed out that many Nigerians, especially in rural areas, are unable to access cash for basic transactions, particularly as the holiday season approaches.
Uguru also shared his personal experience of being denied access to a large sum of money when he tried to withdraw N400,000 from a commercial bank, only being given N10,000. This, he argued, is a result of the CBN’s restrictive cash policies that have led to a lack of liquidity in commercial banks while simultaneously supplying cash to Point of Sale (POS) operators who continue to sell mint notes.
He emphasized that this situation is not confined to the Southeast, but is a nationwide issue, affecting both rural and urban areas. Uguru has proposed a bill to address the situation, aiming to bring back more accessible cash transactions and alleviate the suffering caused by the ongoing cash crisis. He urged President Tinubu to look into the matter, as he believes that certain actions by the CBN are sabotaging the president’s efforts to improve the country’s economy.
In his view, the current policy is particularly harmful in rural areas, where farmers and traders are unable to engage in simple transactions due to the cashless system and lack of understanding of digital payment methods. Uguru concluded that the CBN’s actions are undermining the President’s positive efforts, and he called for urgent intervention to resolve the issue.
