President of NACCIMA, Dr. Herbert Ajayi, who made the call in Lagos at the Association’s review of the economy said CBN should introduce other policies to make paperless transactions cheaper and attractive.
“Bank Charges on non-cash transactions could be reviewed downwards for customers, as incentive,” he said.
The call was in response to a recent CBN pronouncement that with effect from 1st June, 2012, individuals cash withdrawal or deposit above N150,000 would pay a fine of N100 per extra N1, 000. The new policy also states that corporate organisations that make cash withdrawal or deposits above N1 million would pay a fine of N200 per extra N1,000.
The policy limits for free cash withdrawal and deposits were part of a new policy aimed at reducing the high usage of cash in the economy and would be enforced in Lagos, Abuja, Port Harcourt, Kano, and Aba in the first instance.
“Bank Charges on non-cash transactions could be reviewed downwards for customers as incentive instead,” Ajayi said
He said that the CBN new policy, which was aimed at limiting free cash withdrawal and deposits usage in the economy, was a right step in right direction. “NACCIMA considers the CBN ideas as laudable as it will help in reducing the risks and cost of money transfer and management by making Nigeria a cashless society,” he said.
He, however, expressed worry that the policy may not work in isolation but may require other macro-economic policy support as well as adequate infrastructure to be put in place.
He said the policy would pose major challenge to the informal sector, which accounts for about 60 per cent of Nigeria’s economy, because the sector activities rely heavily on cash usage to make their transactions. In addition, he said that the high illiterate level and poor ICT access by majority of the citizens would be a bane associated to the policy.
He urged the CNB Governor, Mallam Lamido Sanusi, to embark on aggressive orientation and education of the citizens to enable the policy benefit the large society.
Ajayi also urged the Federal Government to adopt appropriate policies to guarantee food security and food sovereignty in the country.
He noted that the level of the nation dependent on imported foods was not healthy and could pose danger to her economic growth. “Issue of food should be treated as a matter of insecurity,” he said
He noted that if there is a restriction from import countries, it would drastically affect Nigeria. “Government should at times pay adequate attention to the sector and ensure we can efficiently produce crops such as cassava, rice, palm oil grain, among to meet local demand and export,” he added.
According to him, value addition to products, processing and preservation of agriculture produce are imperative for the nation to be self sufficient in food.
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Autor(en)/Author(s): Crusoe Osagie
Quelle/Source: This Day Live, 08.05.2011
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