Banks not ready for cashless policy – Ezekwesili

Oby Ezekwesili, a former vice president of the World Bank, has said Nigerian banks are not ready for the Central Bank of Nigeria (CBN)’s cashless policy yet. She said that banks’ systems were not built to shoulder the task of conducting cashless transactions. Ezewesili, a former Minister of Education, who was reacting to the naira […]

Oby Ezekwesili, a former vice president of the World Bank, has said Nigerian banks are not ready for the Central Bank of Nigeria (CBN)’s cashless policy yet.

She said that banks’ systems were not built to shoulder the task of conducting cashless transactions.

Ezewesili, a former Minister of Education, who was reacting to the naira redesign policy of the CBN, spoke on Sunday night on Channels Television’s political programme.

While lamenting the hardship caused by the policy, she said there have been system breakdowns in the banks.

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Ezekwesili said “we are using the CBN to solve a problem with the political criminals”, adding that the federal government could easily get the criminals without getting the CBN involved.

“I don’t even know if there are economists left at the CBN. Our central bank is compromised,” she said.

The former minister lamented that the masses were suffering because of the criminals in politics, insisting that, “the victims of naira swap are the poor, not politicians.”

While commending the policy, she questioned its implementation.

“They have burgled the operational plan of the policy,” she lamented.

She urged Nigerians to vote wisely during the forthcoming general elections.

“If you want to design a new Nigeria, use your PVC. Your PVC is the greatest weapon at your disposal,” she advised.