A member of the House of Representatives, Hon. Emmanuel Uguru, has accused the Central Bank of Nigeria (CBN) of undermining President Bola Tinubu’s government through its cashless policy and harsh banking operations.
Uguru, who represents Abakaliki/Izzi Federal Constituency of Ebonyi State, made the accusations during an interaction with journalists at the Izzi Development Union’s 2024 end-of-year party in Abakaliki.
“E-Payment Turning into Hardship for Nigerians”
While acknowledging the benefits of e-payment systems, Uguru criticized the CBN’s implementation of its cashless policy, describing it as a calculated effort to worsen the economic hardship faced by Nigerians.
He argued that the situation has become dire since the removal of the petroleum subsidy, leaving many citizens struggling to access cash.
“This cashless policy has gone beyond helping the people; it is increasing the hardship Nigerians face daily,” Uguru said.
He pointed out that while e-payment may reduce theft and crime, it cannot work seamlessly in rural areas where basic banking infrastructure is lacking.
“How do banks expect someone to use e-payment to buy pepper for their mother in the village or pay a farmer who just harvested rice? These policies show no consideration for the realities of ordinary Nigerians,” he stated.
“Personal Experience Highlights the Problem”
The lawmaker shared a personal experience to illustrate the severity of the problem, recounting an incident at a commercial bank where he attempted to withdraw N400,000 but was given only N10,000.
“At first, I thought this issue was peculiar to the Southeast, but it’s happening everywhere in the country,” he revealed.
Uguru further alleged that while commercial banks struggle to provide cash to customers, Point of Sale (POS) operators seem to have unrestricted access to new currency notes from the CBN.
“POS operators have mint cash in abundance, but commercial banks are starved. Who is causing this? It’s the CBN, not the commercial banks,” he said.
“Plans to Address the Problem”
In response to the crisis, Uguru announced that he has drafted a bill aimed at addressing the challenges posed by the cashless policy.
The bill, which he plans to present to the National Assembly next week, seeks to restore “healthy transaction practices” in commercial banks.
“The people deserve better. I will not rest until this problem is tackled head-on,” Uguru promised.
He stressed the urgency of the matter, especially as the festive season approaches, when the demand for cash is traditionally high.
“CBN Allegedly Favours POS Operators”
Uguru did not mince words in accusing the CBN of favoritism towards POS operators.
He claimed that the apex bank supplies them with large sums of mint cash while restricting funds available to commercial banks.
“To prove my point, I personally purchased mint cash from a POS operator. I didn’t need the money but did it to show that this is a real issue,” Uguru disclosed.
The lawmaker accused the CBN of sabotaging Tinubu’s administration by creating unnecessary hurdles for ordinary Nigerians and businesses.
“Mr. President is doing his best to improve the lives of Nigerians, but how can he succeed when institutions like the CBN are working against his efforts?” Uguru questioned.
“A Warning to the Federal Government”
Uguru urged President Tinubu to act swiftly to address the growing frustrations of Nigerians, warning that public patience may run out if tangible progress is not made soon.
“Mr. President is trying his best, but Nigerians won’t wait forever. The country cannot afford to let these issues linger for donkey years,” he cautioned.
The lawmaker emphasized that policies must be practical and inclusive, ensuring that both urban and rural populations can benefit from them.
“Calls for Transparency and Accountability”
Uguru called for greater transparency and accountability in the CBN’s operations.
He urged the government to investigate the cash distribution channels and ensure that commercial banks have adequate funds to meet public needs.
“The CBN cannot continue to fail Nigerians while pretending to implement progressive policies,” he said.
