The CBN policy offends the provisions of Section 16(1(b) which provides that: “The government shall control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity”.
On this note the CBN has failed to take into cognizance that its cash limitation policy will seriously affect Nigerian economy and is a blow on many of Nigerian citizens in the rural areas.
It is a fact that many of these rural areas have no banks and the easiest way of banking for the people is POS and in fact most of our local farmers transact with cash.
What has the CBN put in place to bridge this gap because a lot of Nigerians are not carried along and the impact of this policy on the citizens in the rural areas cannot be overemphasized.
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Due to its negative effect on the economy, it can lead to a hike in prices of commodities because there will be limited access to produce as there is limited cash to buy them.
The CBN is only concerned with making monetary policies but often ignores the physical policies which are most essential. If the CBN is to act accordingly to the relevant provisions of the constitution, then it must take into consideration the impact of its policies on the citizens and how to cushion the effect.
The greatest challenge in a cashless society is cybersecurity, what has the CBN put in place to address the issue of cybersecurity?
Barr Mustapha Abideen is a legal practitioner in Kaduna
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