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Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).

More reactions have continued to trail the Central Bank of Nigeria’s partial implementation of deposit and withdrawal charges for individuals and companies in Nigeria. This is part of the apex bank’s cashless policy which is supposedly aimed at protecting bank customers.

However, based on the complaints so far, it is obvious that many Nigerians would prefer to carry their money about in Ghana-must-go bags. As far as Nigerians are concerned, it is wrong for the CBN to introduce extra charges for withdrawals and deposit of cash, all for the purpose of implementing a cashless policy.

The reactions: Obviously angered by the development, Angela Tosin implied that those behind the policy and its implementation are all mad. She then further implied that despite their many educational qualifications, they cannot even make policies that protects the interest of Nigerians.


Much like Angela, Marvin Umebiye said the CBN’s cashless policy is stupid and a demonstration of “clueless leadership”. He even went as far as to allege that the President Buhari-led government wants Nigerians to remain impoverished.


Peter Egwuatu said the policy is “stupid” and “nonsensical” and that God will punish everyone that is behind it. Obviously, this is hurting him on a whole different level!

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[READ: Buhari’s CBN policies may drag the Nigerian economy into crisis – Fitch]

Stephen Jones said the CBN is going about its cashless policy drive the wrong way. According to him, cashless policies are best implemented through the introduction and use of innovative and easier alternatives for transactions; not by “charging people under the guise of cashless policy”.


Immar also agreed that the policy is very insensitive. For him, Nigerians are already struggling to survive in a really difficult economy and the implementation of the cashless policy will only make things even harder. Instead of the cashless policy, Immar suggested that the CBN should focus on improving the electronic structure that is already in place.


Meanwhile, Ebbe Farara pointed out that the Central Bank of Nigeria’s cashless policy could force people to resort back to the olden days of keeping their money in saving boxes instead of in savings accounts. This situation would be counter-productive to the apex bank’s financial inclusion drive, just as PwC’s Taiwo Oyedele noted yesterday.


[READ: PwC’s Taiwo Oyedele critiques CBN’s newly-implemented cashless policy]

Enyinnaya is not happy that the leaders who are expected to implement policies that will make life easier for Nigerians are the same people complicating things. He even called out Nigeria’s President, reminding him that this is not the positive change he promised the people during his electioneering campaigns.


Martins Sorinola came up with a possible alternative. According to him, the CBN should introduce a 10% to 15% VAT on transactions carried out by Nigerian senators. This is in view of the fact that their transactions are always in large amounts of money.

Shaba Baba Muhammad simply said the charges are becoming too much. Banks now impose charges on their customers for practically everything. It is no longer fun.


Note that this morning, the Central Bank of Nigeria’s Director of Corporate Communications, Charles Okorafor, went on Channels TV to educate Nigerians more on the cashless policy. He basically stated that the policy is aimed at protecting Nigerians and their money.


  1. I think,they were insensitive,if the the cbn wants a cashless society in Nigeria,the cbn must lay-out the modalities over a period,the important question now,did cbn did any research on the repacussion of their action both of negative or positive ?,if the cbn does not recind this decision,NIGERIA WILL FACES A RECESSION,AS AN ECONOMY CAN ONLY GROW,IF THERE IS FREEDOM,IN ANY WAY


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