REPS DEBATE ON CASHLESS POLICY

In order to ensure smooth implementation of the country’s cashless policy by the Central Bank of Nigeria (CBN), the House of Representatives has resolved to examine the level of compliance by government agencies and business outfits.

The resolution followed a motion to Investigate the Implementation of the Cashless Policy to Ameliorate the Sufferings of Nigerians” sponsored by Hon. Edward Pwajok (Plateau-PDP) and was unanimously adopted by the House.

Leading the debate, Pwajok expressed worry that the objectives for which the CBN introduced the policy was not being adhered to by both public and financial institutions.

The House, therefore, mandated its committee on Banking and Currency to cause a review of the policy to suite the challenges it is facing and report back within eight weeks.

It also urged the CBN to review the policy on foreign exchange in a manner that will not only continue to protect the country’s foreign currency but ensure that Nigerians realistically and legitimately transact business globally.