Hon. Emmanuel Uguru Criticizes CBN’s Cashless Policies, Accuses Bank Practices of Sabotaging Federal Efforts

Hon. Emmanuel Uguru, representing Abakaliki/Izzi Federal Constituency of Ebonyi State, has criticized the Central Bank of Nigeria (CBN) for its cashless policy, claiming it undermines President Bola Tinubu's administration.

Speaking during the Izzi Development Union (IDU) 2024 end-of-year celebration in Abakaliki, Uguru commended the CBN’s e-payment initiative but described its strict cashless regulations and banking practices as detrimental to Nigerians, especially following the removal of fuel subsidies.

Uguru shared personal experiences highlighting the cash scarcity, noting the restrictive cash withdrawal limits enforced by commercial banks.

“I put in a cheque for N400,000, and the banker said he could only give me N10,000,” Uguru said.

He also alleged discrepancies in cash distribution, claiming that while banks have limited funds, POS operators seem to have unrestricted access to new currency mints directly from the CBN.

“If a POS operator wants N100 million, they will get it from the CBN in mints,” Uguru revealed, adding that he purchased mints himself as evidence of the issue.

To address the situation, Uguru announced that he has drafted a bill aimed at reforming the CBN’s cashless policies and restoring effective transaction systems in commercial banks. “I think this is the area Mr President should look into seriously,” he urged, emphasizing that subordinates within the CBN are allegedly sabotaging Tinubu’s efforts to improve Nigerians’ livelihoods.

Uguru criticized the impracticality of e-payment systems for rural communities, especially during the festive season, citing instances where electronic payments are unsuitable for traditional market transactions. “How do banks expect people to make e-payments to your mother in the village when she wants to buy pepper? Does she know what POS is?”

While commending Tinubu for his strides in improving the nation, Uguru stressed the urgency of addressing these banking challenges to prevent further hardship for Nigerians. “Mr. President should not think it will take donkey years to fix the country; otherwise, the people’s patience will elapse,” Uguru warned.