Obaseki Declares CBN Monetary Policies Best For Nigerian Economy

Despite the criticisms, pains and suffering in accessing the naira notes, Edo State governor Godwin Obaseki yesterday insisted that the Central Bank of Nigeria cashless policy remains the right decision for the nation’s economy.

The governor, however, called for more enlightenment and patience on the path of Nigerians even as he urged the apex bank to ensure the availability of naira notes for the citizenry whom he said are going through pains in getting money to spend.

He spoke shortly after he summoned a meeting with senior officials of the CBN and senior management staff of banks in Government House Benin on the difficulty faced by the people in accessing cash and also appealed to the people to take advantage of ATMs, POS and bank wallets for transactions.

Obaseki said, “I had to invite the Central Bank and senior management of all the banks in Edo State to come and meet with me in the Government House because government is very much concern about the plight and suffering of our people who are worried over their inability to get cash from the banking system in Edo State.

“Haven discussed extensively with the CBN and the bankers that the policy of moving the Nigeria economy to one of a cashless system should be encouraged. It is the best thing for our banking system so the Edo State government has no problem with the policy of the federal government to move our economy to a cashless one.w

“However, we want to ensure we do this as painlessly as possible; we have to improve on the communication with our people to reduce their fear. When people go to banks to collect cash because they want to spend it on something, we want to help to inform them that they don’t need to collect cash to spend cash.

“We actually have other means to spend cash without going to the bank to collect cash. From Phones, payment can be made to whomever. For those who don’t have sophisticated phones, with USSID codes you can pay for things as small as N500 without spending cash. So, when you go to POS terminals, don’t ask for cash, let them do for you what you want to use the cash for via transfer.”

The director, Risk Management of Central Bank, Blaise Ijebor said they are in Edo to ensure there was supply of naira to everyone in the state.

“We are also here to encourage people to use alternative means to make their payment. If you are able to use your card, app or USSID to pay, you can even go to an ATM that doesn’t have cash to do your transfer from them.

“We are aware a number of ATMs are not paying. We are going to make sure that there is supply in  a day or two, we have supply available through your bank branches to give some cash to use,” he said.