Osinbajo's Comment on Cashless Policy Misinterpreted, Says Analyst

Osinbajo's Comment on Cashless Policy Misinterpreted, Says Analyst

  • Attempts suggesting Vice President Yemi Osinbajo is in support of CBN's recent policies have been rebuffed
  • A public affairs commentator, Clement Wilson, says the vice president's comments were misinterpreted
  • Wilson stated that there is nowhere the vice president made reference to the cashless system put in place by the apex bank

FCT, Abuja - Clement Wilson, a public affairs analyst has stated that a recent comment made by Vice President Professor Yemi Osinbajo concerning cashless policy was misinterpreted by a section of the media.

Wilson made the clarification while interacting with some media executives, including a Legit.ng correspondent in Abuja.

The Emefiele-led CBN have been under pressure since its new policies were made public. Photo credit: @cenbank

He said that there is nowhere that the vice president said or suggested that the cashless economy is immediately achievable or Nigeria can put a cashless system in place today.

According to him, the statement did not refer to the cash redesign and the challenges it is causing in the country presently.

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He said:

“What the VP statement actually spoke of was the infrastructure to make that possible and the benefits which are derivable only when that happens.
“But THISDAY's suggestive headline and the story, both attempted to portray that the VP is in tandem with the CBN’s current handling of the currency redesign with its attendant lapses which forced the president to make an intervention to save the situation over the weekend.
“The VP was not speaking of a perfect system yet. It is worth mentioning that, the VP said there are still infrastructure issues required to be in place to ensure an efficient cashless system in the country.
“Everyone can see the difficulties Nigerians have been made to go through in the past two weeks since the CBN set its deadline for the swapping of old banknotes with the newly designed naira. It has been hectic.”

Wilson further stated that the publication is a deliberate misconstruction to misrepresent Osinbajo's views.

CBN’s new naira redesign ill-timed, says Falae

On his part, the former Secretary to the Government of the Federation, Olu Falae, on Tuesday, January 31, faulted the timing of the naira redesign by the CBN, saying it is disruptive of the economy.

Falae, who is also a former minister of finance, said the timing of the policy was wrong and capable of throwing millions of Nigerians into the poverty bracket.

Nigerian Tribune reports that Falae said currency design is a normal thing in the world, but should not be allowed to disrupt economic activities in the country.

CBN new policies: Lagos Assembly commends National Assembly's swift intervention

Meanwhile, the Lagos state House of Assembly has commended the National Assembly for its swift intervention in the controversy generated by the naira redesign policy of the CBN.

At plenary on Tuesday, January 31, members of the Assembly say the policy has brought mass suffering on the citizens of the country, adding that the Nigerian economy is in danger due to move by the CBN.

The lawmakers further stated that even though the policy was a good one, its timing was wrong.

Nigerian Young Professionals back Emefiele over currency redesign, cashless policy

On its part, the Nigerian Young Professionals Forum (NYPF), has thrown its weight behind the CBN.

The NYPF also decried what it described as unnecessary harassment of CBN governor, Godwin Emefiele over the new policy.

The group said the policy of the CBN, in spite of a few setbacks, is timely and should be allowed to succeed.

Source: Legit.ng

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