The former Deputy Governor of the Central Bank, Professor Kingsley Moghalu has backed the CBN on the cashless policy and the redesigning of the new Naira note.
As the deadline of January 31 is approaching, many Nigerians have been raising concerns as the old notes are still much in circulation. This has made many prominent Nigerians seek for extension of the old naira note.
Prof. Kingsley make this known on his Twitter handle by supporting the CBN cashless policy. He also said that during his tenure as Deputy CBN Governor, he led the implementation of cashless policy for it is more efficient and transparent.
Kingsley further stated that "we can’t criminalize the use of cash by citizens who chose that option, and I am emphatic about this. @inecnigeria and our law enforcement agencies are not following our corrupt politicians “bumper to bumper” as they should. Citizens shouldn’t suffer for that.
"Indeed, in a country with so much poverty and illiteracy, we must accept the limitations of this reality and focus on those fundamentals of educating and giving poor people opportunities to create income and wealth. We can’t minor in the major and major in the minor. Basics first," he added.
I support the @cenbank cash-less policy (note: less cash, not NO CASH) and indeed I led its implementation several years ago as Deputy Governor for Operations. It’s more efficient and transparent. But cash must still be an option. Even in the most advanced economies this is so.
— Kingsley Moghalu (@MoghaluKingsley) January 28, 2023
We can’t criminalize” the use of cash by citizens who chose that option, and I am emphatic about this. @inecnigeria and our law enforcement agencies are not following our corrupt politicians “bumper to bumper” as they should. Citizens shouldn’t suffer for that.
— Kingsley Moghalu (@MoghaluKingsley) January 28, 2023
Indeed, in a country with so much poverty and illiteracy, we must accept the limitations of this reality and focus on those fundamentals of educating and giving poor people opportunities to create income and wealth. We can’t minor in the major and major in the minor.Basics first.
— Kingsley Moghalu (@MoghaluKingsley) January 28, 2023