ACF backs CBN cashless policy

The Arewa Consultative Forum (ACF), on Friday, expressed its support to the Central Bank of Nigeria’s new policy of cashless banking effective from January 2023.

According to the group, once there is enough money and plenty withdrawal, it would further attract criminals’ attention, just as the victim is subject to every form of attack

This was expressed in a statement on Friday by the ACF’s Secretary-General, Malam Murtala Aliyu.

He said unlike in the past where a large sum of money is needed to print huge amounts of money, the new system is the most effective, efficient and money saving.

He stated further that bandits and terrorists depend largely on huge amount of money demanded from the relatives of their victims, but with the recent cashless policy, it would be difficult.

The statement titled, ‘CBN’s Risky Plan Let’s be clear’, said the decision of the apex bank to kick-start the long-anticipated cashless payment regime effective from January 2023 was well-intentioned.

ACF, however, said until the CBN is able to address some challenges substantially, “a preemptive move or a ‘frog-jump’ into a cashless payments system, however well-intentioned, will only land the country into a bottomless pit.”