₦airaland Forum

* Says Policy Can Create Economic Disaster In Nigeria


By Temidayo Akinsuyi



Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay (SAN) on Sunday came down hard on the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele for trying to force the cashless policy on Nigerians.

Speaking in an exclusive interview with DAILY INDEPENDENT, Sagay who backed the calls for the extension of the January 31 withdrawal date of the old notes said most Automated Teller Machines (ATM) are still dispensing the old notes while the new ones are not fully in circulation.

Describing Emefiele's action as brutish, uncivilised and barbaric, Sagay warned that the policy can create an economic disaster for Nigeria if not urgently addressed.

He said " I think the whole thing (cashless policy) is a disaster. I don’t like people trying to show off that they are very modern. You are introducing cashless policy bla la bla, you want to be like America. In America, they are still using cash. I was there this year. I used cash on many occasion".

" So, nobody is forcing you to adopt cashless policy. It is the African man that wants to imitate and he does that in a very ignorant and uncivilised manner. Why is Emefiele trying to force people? Why is he putting deadline on the usage of the old currency?".

" The deadline is almost here now yet the new currency is not available. I have been withdrawing money and all I’m getting are the old notes. Why should he even tell me how much to withdraw from my own money? If I find the electronic transfer more convenient, I will adopt it without anyone mounting pressure on me to do so".

"For example, I have ATM card now because it is convenient for me to use. It is a matter of convenience, not usage of force. Africans tend to imitate in a brutish manner, using force without providing the facility that will make what they want to do possible. By doing so, they inflict hardship on societies".

"If we are not careful, this CBN policy can create an economic disaster for this country".

"My advice is that Emefiele should not try to impress anybody by bringing in rubbish policies that he cannot implement. I agree completely with those who want it extended. We are not against but it should be done the way it is done in civilized countries".

" The way it is done in developed countries is that as you are depositing the old notes, new ones take its place. Gradually, the old notes disappear because once it goes into the system, it is not brought out again. The new ones replace them and it will be in full circulation. That is how civilized countries handle the issue of new currencies".

"It is only crude, backward, uncivilised and bush people like Emefiele who wants to impress who do this sort of nonsense that is going on now. He is just creating hardship and suffering for Nigerians for no just cause".

https://independent.ng/sagay-to-emefiele-its-barbaric-to-force-cashless-policy-on-nigerians/

It's certain Emefiele is covering his tracks

If a senior Presidential Adviser is against the Idea, and DSS under Presidency are trying to arrest him then something is up

I support extension. Very little enlightenment on the new notes and many people are yet to see it. Why is Emefiele in a hurry to implement it?

If a witch cries in the night and a child dies in the morning, we do not go to the soothsayer to ask what killed the child. This ancient proverb may be flawed in law, but the witch should not be left out if suspects are taken for questioning.

Both Professor Sagay and Emefelie should be taken into custody and tortured so the truth can come out. One of them is the culprit.

See painment, why do our elites hate progress? We say no to ransom payment, no to vote buying, no to cash hoarding.
Abeg which the issues above is Sagay not understanding?

On January 31, 2023, if you have not exchange your old Naira, keep it in your family museum.

Why are APC supporters against Emefiele? Is it because Emefiele does not want the repeat of Ekiti and Osun vote buying spree?

LOSERS!!!

Shut up. No painment here. The enlightenment is poor. Some people are rejecting new notes saying it's fake

Validated:
See painment, why do our elites hate progress? We say no to ransom payment, no to vote buying, no to cash hoarding.
Abeg which the issues above is Sagay not understanding?

On January 31, 2023, if you have not exchange your old Naira, keep it in your family museum.

Why are APC supporters against Emefiele? Is it because Emefiele does not want the repeat of Ekiti and Osun vote buying spree?

LOSERS!!!

I support sagay on this. It is totally barbaric move from cbn

Moh247:
It's certain Emefiele is covering his tracks

If a senior Presidential Adviser is against the Idea, and DSS under Presidency are trying to arrest him then something is up

What is up, is that Baba Lagos is promising every politician gold, frankincense and myrrh if they can get Emefiele to reverse his naira policy.
That's what's up.

Validated:
See painment, why do our elites hate progress? We say no to ransom payment, no to vote buying, no to cash hoarding.
Abeg which the issues above is Sagay not understanding?

Why are APC supporters against Emefiele? Is it because Emefiele does not want the repeat of Ekiti and Osun vote buying spree?

LOSERS!!!

You probably don't have up to 5k in your account, but here you saying rubbish. The deadline for phasing out of old notes is 31st, and up till now the new notes are still not available, ATMs still dispense old notes, and you think this is okay. Some of you don't have sense.

Moh247:
It's certain Emefiele is covering his tracks

If a senior Presidential Adviser is against the Idea, and DSS under Presidency are trying to arrest him then something is up

Please, go and arrest Emefiele, a patriot that wants to kill vote buying and ransom payment.

Waut, why is it that ONLY APC supporters are against Emefiele? Answer is simple, the 50 Trillion Tinubu hopes to use in vote buying has become toilet papers, thanks to a patriotic Nigerian named Emefiele

hisexcellency34:
I support extension. Very little enlightenment on the new notes and many people are yet to see it. Why is Emefiele in a hurry to implement it?

No extension, full speed ahead. After the election, there can be a some tweaking of the policy.

Validated:
Please, go and arrest Emefiele, a patriot that wants to kill vote buying and ransom payment.

Waut, why is it that ONLY APC supporters are against Emefiele? Answer is simple, the 50 Trillion Tinubu hopes to use in vote buying has become toilet papers, thanks to a patriotic Nigerian named Emefiele

Gbam. All the cash hidden in septic tanks and graveyards have become as irrelevant and useful as the sh*t and the dead bodies.

dustmalik:
You probably don't have up to 5k in your account, but here you saying rubbish. The deadline for phasing out of old notes is 31st, and up till now the new notes are still not available, ATMs still dispense old notes, and you think this is okay. Some of you don't have sense.

Don't worry. After the election, the policy will be tweaked. But as for now, let's just tighten our belts and endure.

dustmalik:
You probably don't have up to 5k in your account, but here you saying rubbish. The deadline for phasing out of old notes is 31st, and up till now the new notes are still not available, ATMs still dispense old notes, and you think this is okay. Some of you don't have sense.

So, you have 20 million, good for you, but how has the cashless policy affected your phantom 20m? Are you a kidnapper, are you an armed robber or are you a bandit or terrorist? Or are you election vote buyer Only those people prefer cash transactions, because it is NOT TRACEABLE.

If you not like the CBN policy, relocate to Afghanistan. They operated cash based economy there.

ganisucks:
What is up, is that Baba Lagos is promising every politician gold, frankincense and myrrh if they can get Emefiele to reverse his naira policy.
That's what's up.

Bichi and Buhari are very close.. how can anyone bribe a top associate of Buhari and also DSS boss... Bichi himself is not only rich but his son is also a rich footballer


Buhari himself seem to be the one after Emefiele or how else won't he know what DSS and EFCC are up to

No reasonable human being will vote for APC again, after all the have done to Nigerians

hisexcellency34:
I support extension. Very little enlightenment on the new notes and many people are yet to see it. Why is Emefiele in a hurry to implement it?

No extension by CBN, they are warning Nigerians, it most commence before election

Saga is one of those eating on Tinubu's table, he is pain that the new police will affect Tinubu's plans

It's not barbaric. Going cashless has lots of benefits than carrying cash about.

You never read what the man said, only headline. Read and understand

SmartPolician:
It's not barbaric. Going cashless has lots of benefits than carrying cash about.

Moh247:
Bichi and Buhari are very close.. how can anyone bribe a top associate of Buhari and also DSS boss... Bichi himself is not only rich but his son is also a rich footballer


Buhari himself seem to be the one after Emefiele or how else won't he know what DSS and EFCC are up to

You know, it's so cute you don't know how governments actually run. So adorably cute.

Buhari doesn’t know what is going on around him

Moh247:
Bichi and Buhari are very close.. how can anyone bribe a top associate of Buhari and also DSS boss... Bichi himself is not only rich but his son is also a rich footballer


Buhari himself seem to be the one after Emefiele or how else won't he know what DSS and EFCC are up to

What bulaba are you saying here?

ganisucks:
You know, it's so cute you don't know how governments actually run. So adorably cute.

Moh247:
Bichi and Buhari are very close.. how can anyone bribe a top associate of Buhari and also DSS boss... Bichi himself is not only rich but his son is also a rich footballer


Buhari himself seem to be the one after Emefiele or how else won't he know what DSS and EFCC are up to

Then what is stopping Buhari from sacking him?

The policy has come to stay.At least until after the February 25 elections