January 1, 2023

Reps member laments inadequate advocacy on CBN’s cash withdrawal policy

old naira notes

Godwin Emefiele, CBN Governor


By Demola Akinyemi ,Ilorin

Chairman, House of Representatives Committee on National Planning, Hon. Saka Abdulganiyu Cook Olododo at the weekend said the current advocacy of CBN on the withdrawal policy of the Naira is grossly inadequate to enable it fully achieve its purpose.

He, therefore, urged the Governor of the Central Bank of Nigeria(CBN) Mr Godwin Emefiele to embark on more aggressive advocacy for about a year to enable all and sundry, particularly people in the rural areas fully buy into the policy.

Olododo who represents the Ilorin East/Ilorin South federal constituency of Kwara State at the National Assembly made the call in Ilorin, the state capital while speaking with journalists on the state of the nation.

He said, “There is no doubt that advocacy on the policy is grossly inadequate and that is the area where we are now.

“There must be an aggressive enlightenment on the policy for all and sundry.

 “Even, in advanced countries of the world. Take for example in UK, the, Queen Elizabeth of England died recently and if you see the logo of the UK currency now, the government has started to change it gradually with the new PM Charles and the UK government did not say they should phase out the one with the Queen and this can be going alongside each other.

“For at least six months now or one year, the CBN can embark on the gradual implementation of the policy and that is the area I want the CBN to look into now”.

While describing the policy as a good one, Hon..Olododo said that the CBN must look into those that didn’t have access to banks and even to the POS operators and the guidelines about how to keep their monies must be effectively captured so as to make the economy buoyant for all and sundry.

He opined further that”I want to say that it is a good policy but we must consider those people that they didn’t have access to banks and even to the POS  and they have to keep their monies. It is a good policy for our economy and also it will reduce insecurity in the country.

“Let me tell you that there is no change that doesn’t bring its own difficulties. But we have to understand that the timing of the policy is the only problem but we must know that it is the CBN responsibility to do such policy for the nation so as to advance the socio-economic growth of the populace”.

On the 2023 general elections, the lawmaker who is seeking reelection under the banner of the Social Democratic Party(SDP) said that his new party has the formidable structure to defeat any political party during the polls

He said that his outstanding representation among others during his first term at the national assembly would serve as a basis to win the forthcoming general elections in the Ilorin East/Ilorin South federal constituency of the state.

Olododo who harped that, he remained a candidate to beat during polls in view of his past quality representation at the lower chamber pledged more dividends of democracy to the people of the constituency if given chance to represent the area during the forthcoming general elections.

He also said that he was bothered about the scattered opposition,the governorship candidates in other political parties, who left the APC  to contest  against Governor AbdulRahman AbdulRazaq who is seeking reelection.

Olododo who said efforts are ongoing  among the  stakeholders to present a formidable candidate against Governor AbdulRazaq said all hope is not lost,stressing that,”One day is important in politics.”