CBN sabotaging Tinubu’s administration with policies – Hon. Uguru

Hon. Emmanuel Uguru, a member of the House of Representatives representing Abakaliki/Izzi Federal Constituency in Ebonyi State, has accused the Central Bank of Nigeria (CBN) of undermining President Bola Tinubu’s administration through its cashless policies and e-payment operations.

While acknowledging the benefits of e-payment, Uguru argued that the current implementation of the cashless policy has exacerbated the hardship Nigerians face, especially following the removal of the petroleum subsidy.

Speaking during the Izzi Development Union’s 2024 end-of-year party in Abakaliki, Uguru revealed his plans to present a bill aimed at addressing the challenges posed by the cashless policy and restoring effective banking transactions.

He expressed frustration over the inability to access cash in commercial banks, sharing a personal experience where a request to withdraw ₦400,000 resulted in being offered only ₦10,000. He highlighted that while customers struggle to access cash, POS operators seem to have unlimited access to fresh currency notes, which they sell at a premium.

Uguru criticized the CBN for allegedly prioritizing POS operators over commercial banks, which he believes undermines the President’s efforts to improve the economy. He emphasized the impracticality of e-payment in rural areas, especially for small-scale transactions in markets and farms.

He called on the President to urgently address the issue, warning that prolonged delays in fixing these challenges could erode public patience and trust.

The lawmaker also alleged that CBN officials are sabotaging the administration’s progress by supplying large sums of cash to POS operators while commercial banks are restricted.

To support his claims, Uguru disclosed that he personally purchased mint currency notes from a POS vendor to prove the existence of this disparity. He concluded by urging the President to take decisive action against those undermining his administration’s policies, emphasizing the need for fairness and functionality in the banking system.