BY EMMANUEL JULIET
Ahead of the 2023 general elections, the Arewa Youth Consultative Forum (AYCF) has said that the cashless policy adopted by Central Bank of Nigeria (CBN) will be helpful to the success of free, fair and credible elections.
The National President of AYCF, Alhaji Yerima Shettima who stated this on Monday while addressing a press conference in Kaduna said that the cashless policy will reduce insecurity bedeviling the country.
“We are in support of any policy review by the CBN that could help boost the value of our national currency, even if doing so will hurt politicans who have hidden millions in cash, with intent to buy up voters in the forthcoming general elections”.
“We reject situation where National security will be threatened by sponsored political violence using cash from Soakways, farm houses and other illegal vaults.
“It is clear to many Nigerians that wholesale hoarding of Naira banknotes by members of the public is now being dealt with by the policy of naira redesign. Long before now, CBN’s available statistics show that cash outside banks consist of over 80% of Currency-In -Circulation (CIC).
“The economy has suffered heavy, avoidable bruises. As at end-June 2022, available data indicated that N2.72 trillion out of the N3.26 trillion currency in circulation, was outside the vaults of commercial banks across the country, and supposedly held by the public”.
“We are convinced, after our independent investigation that the current effort will ensure effective monetary policy and is a beautiful means for fight against corruption that we have not tried before in the economic history of this nation
“We are also convinced that the new policy could help in the stabilisation of the Exchange rate and effective means of reducing inflation”.
According to Shettima, pulling the cash outside the banks will augur well for the economy as monetary policy decision making will be easier.
“Less notes, especially outside the banking system, will check terrorism financing”.