14 June 2012

Nigeria: Bureau De Change Operators Flay CBN Over Cashless Policy

Lagos — Bureau de change operators under the aegis of Lagos Local Airport Bureau de Change Operators Association of Nigeria, have flayed the Central Bank of Nigeria over the introduction of cashless policy in Lagos which has adversely affected their business.

Addressing newsmen in Lagos, the association's treasurer, Alhaji Ado Shuaibu Dansudu said the cashless policy ought not to have been introduced at this stage because Nigeria is not ripe for it,adding that a larger section of the populace whose business interest relied heavily on cash are illiterates.

"The cashless policy of the Central Bank of Nigeria (CBN) since its introduction has been hampering our business. Nigeria is not yet advanced to practice it. Hence, we believe it is a wrong policy for the country.

"A large section of Nigerian market women from the west to north to east are illiterates. With the cashless policy, the CBN is only encouraging fraudsters to defraud more Nigerians," he said.

He explained that the relevance of their trade should not be undermined in Nigerian economy as there are many Nigerians who have come to develop faith in the operators.

Dansudu added that many Nigerians who receive money from their relatives abroad and could not get it converted in the local banks have had to patronize them and found them reliable.

"There are many Nigerians who receive money from their relatives from abroad and don't know how to go about converting them to local currencies, we do assist them to get this done and that makes many Nigerians to even trust us more than the bankers.

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