The youth councils in separate statements issued by the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike, and Comrade Eric Oluwole of the Yoruba Youth Council, expressed satisfaction with the apex bank for the polcy and called on all Nigerians to also support it.
Mazi Onabuike said “At a time the economy is bleeding, Nigerians should support any measure aimed at stabilizing the Naira. The cash withdrawal limit is an effective monetary policy.”
According to him, advantages of the policy include effective monetary policy, fighting corruption: and helping in the stabilisation of the galloping exchange rate.
“The cashless policy and redesign of Naira will help to drastically reduce inflation and engender free and fair elections among other benefits that are far reaching which will help secure the future of our children and our youths.”
“The cashless policy will drive development and modernization of our payment system in line with Nigeria and it is an efficient and modern payment system that is positively correlated with economic development, and is a key enabler for economic growth.
To reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach. To improve the effectiveness of monetary policy in managing inflation and driving economic growth.”
He aligned with the CBN governor’s position that high cash usage results in a lot of money outside the formal economy, thus limiting the effectiveness of monetary policy in managing inflation and encouraging economic growth.
