Cashless policy will damage economy- Olabode George



The former Military Governor of Oando State, Chief Olabode George in his recent statement, said ; the cashless policy by CBN would bring hardships . He spoke at the Award of Grand Service Star of Rivers State(GSSR), which was held in Lagos.


Chief Olabode added that the currency rebranding will damage the country’s economy, he called on President Buhari to stop the process   From being implemented by the Central Bank of Nigeria. 


“To come up with the lates CBN pronouncement on daily cash transactions, with the present ugly state of our everyday life of epileptic power supply , high rate youth unemployment and sundry social challenges can only lead to one thing: fiscal and economic suicide. 



“All over the country, from Sokoto to Onitsha, to Jankara market here in Lagos, the people will only be more burdened with such policy as our economy is presently cash based in outlook.


“The CBN policy is just too sudden. It will rather make the people sink deeper into misery and poverty. I make bold to say that the country cannot cope with what I foresee as an anti-people policy. 



“80% of businesses are still cash based, so it is only instructive for Mr President to wade into this rudderless monetary policy for the CBN.


He added; “Nigeria cannot just move away from a cashless based economy to a complete cashless regime overnight like the CBN wants to implement. Please note that the internet service is still epileptic and electric power is hardly available. How can we transact financial business in this state of hopelessness.


“I appeal to Mr. President to intervene immediately before we fall headlong into calamitous abyss. Chief George said 

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