Account closure: There is more to it than meet the eyes
Never in Nigerian history, has the banker’s bank issued such confusing and complicated directives to commercial banks that people’s accounts should be put on post-no-debit, without any reason being given to affected account holders. No doubt, I felt for the affected people some of whom I knew personally while many I don’t. As a Nigerian […]
Never in Nigerian history, has the banker’s bank issued such confusing and complicated directives to commercial banks that people’s accounts should be put on post-no-debit, without any reason being given to affected account holders.
No doubt, I felt for the affected people some of whom I knew personally while many I don’t. As a Nigerian and a business person, I knew what it is to have your account put at post-no-debit, not only that but without genuine reasons being given to the affected people.
However, the CBN’s directives given to these commercial banks that 138 accounts should be put at post-no-debit came at a point when the economy of the nation and the purchasing power of many small holder businesses is at its trying moments and what is expected from the Federal Government of Nigeria is an intervention that will ensure sustainability and possible expansion of such businesses and not otherwise.
The list issued by CBN contains virtually corporate and some few individual accounts and I am sure the decision was taken without consideration to the plight of many of the affected accounts holders.
It is apparent that, only God knows the emotional and socio-economic set back this directive has caused to many affected individuals and firms. No doubt about the fact that, many businesses will go into extinction as a result of this directive. Moreover, the federal government monetary policy in operation will no doubt be affected as well.
As a concerned citizen, I owe it a duty to my nation to call on authorities concern to look at this issue and its repercussion to the banking sector operations in the country. It is clear that the confidence people have on the sector is now being affected and the success recorded so far in the cashless policy of the federal government is no doubt at stake.
Government should as matter of urgency have a re-think and consider other avenues to address whatsoever the problem is and not such a harsh and inconsiderate option of post-no-debit measures.
Musa El-Kanawi wrote from Kano