By PROVIDENCE OBUH

The cashless policy and the proposed currency restructuring are a reflection of the inconsistent policy actions of the Central Bank of Nigeria, said stakeholder in the financial sector has said that the introduction of (CBN).

The stakeholder, who chose not to be mentioned, told Financial Vanguard that the restructuring exercise was wrong as it would further enhance fraudulent activities, and as well cause more harm than good for the economy.

The stakeholder pointed out that the policies are conflicting given that Nigerians are yet to get acquainted with the cashless initiative and then the planned introduction of the super note.

According to the stakeholder, “the policy is not good for the economy, it is wrong, it is like giving something with the right hand and taking it back with the left hand, the CBN is taking something out of nothing.

“It is an inconsistent policy and it will further worsen inflation in the economy.”

Describing the action as fear on the part of the CBN Governo the stakeholder said, “The politicians are in support of it because it will give them room for fraud and the Governor has to dance to their tone because he is afraid.”

This initiative is criminal, it will increase robbery, N500,000 is just a packet, so when you go to the bank to withdraw such an amount, you can attract attention, the stakeholder pointed out.

Also speaking, a small business operator, Mr. Ayobami Oluwatoyin added that the policy will help reduce the bulk of money they carry around when purchases are to be made, while stating on the contrary, “The problem I have with the CBN is that, when they know they are coming up with N5, 000 note , they shouldn’t have introduced the cashless policy.”

Oluwatoyin who said the coins should not be mentioned in the CBN’s plan said that customers are never willing to collect coins in transactions because of the weight.

He gave an instance saying, “If you want to buy fuel from the fuel station and let say you have coins as change, those petrol sellers will say they don’t have change, and if you have coins to pay for transaction they will reject it, is not only the fuel stations, this is just an example.

The aggrieved trader lamented that the CBN plan revealed that the policy was not for the generality of Nigerians, saying, “How can they say some people would be using the note, are those people more superior than the other Nigerians, in fact that was what they told us when they introduced the N1, 000 note.

“I want them to devalue the naira like Ghana, so that every thing can go back to normal,   Ghana money still have value they devalued and in Ghana today one dollar exchange for one cedi,” he said.