Former minister minister of education, Dr. (Mrs) Obiageli “Oby” Ezekwesili has disclosed that the ongoing currency Swap being embarked upon by the Central Bank of Nigeria, CBN, suffered hiccups mainly because of system failure in banks.
The former minister disclosed that the banks in Nigeria, lacked the technical capacity to operate cashless policy being touted by the CBN.
Ezekwesili who hails the new monetary policy, decried the current state of affairs where most politicians and businessmen alike go about with countless bags stacked with the naira.
She noted that this policy would help to address this anomaly, adding that a cashless policy does not mean that physical cash would not be used to transact business at all on minimum level.
The former Vice President of the World Bank who advised that the policy would have been implemented gradually, observed that its implementation at this election season, is tantamount to double jeopardy.
Though, she stated that deploying the CBN to tackle political crisis does not ugur well for the system, but added that the policy has helped to tackled insecurity problem that has held this hostage for a very long time.
She, however, expressed optimism that the policy would also help to check mate movement of humongous amount of money in bags during this election, which, she claimed are distributed by politicians to buy votes and rig elections.
The Economic expert noted in dismay that the currency Swap has thrown the common man, particularly the petty traders into untold hardships following their inability to access the new naira notes.
She further enjoined Nigerians to preserve in the glaring of hardships engendered by the new CBN monetary policy as there is bright light at the end of the tunnel.
