Sensor Newspaper

Deputy National President of the National Association of Chambers of Commerce, Industry, Mines and Agriculuture(NACCIMA), Mr Bassey Edem has said the cashless policy introduced by Central Bank Nigeria will drastically reduce and control the volume of money in circulation.
Edem said the measure will also reduce corruption in the country.
Speaking in an interview in Calabar the NACCIMA boss averred thus:" The corruption in the country is mostly caused by the amont of money in circulation but with the introduction of the cashless policy by the CBN the will be no need to carry money around which caan help in checkmating and reducing corruption.''
He therefore canvassed support for the policy saying that''it will help to stabilize the economy of the country"
On whether Nigeria is ripe to adopt such a policy, the NACCIMA helmsman said, " Nigeria is far more than ripe for it. I urged the CBN to work towards achieving it in order to stabilize our economy and reduce corruption.
"It will make business easier because cash transaction will be drastically reduced. We can now use the ATM cards, debit card or credit card to purchase items.
On the likely challenges it will cause on the commercial sector especially the uneducated market men and women, Edem urged the CBN to create awareness and provide adequate orientation for  the uneducated people maintaining that, " the small scale businesses should be trained on how to use the ATM or credit cards for transactions".
Besides, Edem also reasoned that  the introduction of the policy will put paid to the rate of armed robbery attacks on traders and businessmen traveling with huge sums of money to buy goods.
In his words, " Traders who most times travel to buy goods will no longer need to carry cash in luxurious buses because of armed robbery attacks on the road.
The cashless economy is the best thing that wil ever happen to the economy of this country. I support and encourage the CBN to make it work."
Corrobating Edem, the Chairman of the Manufacturers Association of Nigeria(MAN) in charge of Cross River and Akwa Ibom States, Mr Iniobong Jackson applauded the CBN for the introducing the policy which he also said will help in reducing corruption in the country.
The MAN boss said, " The bulk of the corruption in this country is probably caused by the way cash is moving around all over the place.
"when you have a cashless economy you can easily track money that are moving the way the ought not to move and it is in line with international trend"
Before the full implemenataion of the policy, Jackson  advised the CBN to bring in palliatives that will  help to cushion the challenges it will pose on the uneducated traders who knows little or nothing about the workings of the policy.
Jackson who is also a member of the Board of Directors of the Nigerian Export Promotion Council added,  " The challenges can best be addressed when there is proper awareness and education of the people and the must be time allocated for people to be trained on how to operate in a cashless situation especially the illiterate traders."
while calling on the CBN to allocate more time before the full implementation of the policy, Jackson said, " the CBN should be able to give 2 to 3 years to plan on how to perfect it."

Bookmark with: