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House Constitutes Committee For Review Of Cashless Policy

The House of Representatives has constituted a fourteen man Ad-hoc Committee to interface with Managing Directors of Commercial Banks and the Central Bank of Nigeria on review and extension of implementation of the cashless policy.

This is sequel to a motion on urgent public importance by a lawmaker from Katsina State Sada Soli during plenary in Abuja.

Sada Soli explained that the policy is a good one for the nation’s economy but due to the hardship, scarcity and other challenges occasioned by the introduction of the new naira notes, there was need for the Central Bank Of Nigeria, CBN to slowdown on the policy as he pointed out that it could have adverse effects on businesses and Nigerians at large.

He also observed that the currencies are not in circulation as he also called for more sensitization by all stakeholders on the new naira notes.

In his contribution, a lawmaker, Ahmed Babau from Borno state commended the CBN for the sensitization programme in his constituent but decried the low amount taken by CBN for the naira swap.

Also a member from Anambra State Obinna Chidoka commended the motion but suggested a six month extension and invitation of Managing Directors of Commercial Banks to give reasons for the scarcity in banks.

The Speaker Femi Gbajabiamila while ruling on the motion agreed with the lawmakers on the need to review the policy and constituted a fourteen man Ad-hoc Committee to interface with bank MDs and CBN and report back to the House Thursday this week.

Seven bills passed for third reading as the House adjourned to Wednesday this week.

By Ifeanyi Osita,Edited by Grace Namiji

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