The Ondo State Chambers of Commerce, Industry, Mines and Agriculture, ONDOCCIMA, has cried out over the sufferings imposed on the people of the state by the new Naira policy.
ONDOCCIMA, in a press statement by its spokesman, Adeboro Onibalusi, on Tuesday, said the government policy has crumbled MSME’s activities in Ondo State, lamenting that access to both old new money notes has become difficult for business operations in the state.
“Money is not accessible to members at banks and Pos accross the state,” the statement read in part.
ONDOCCIMA calls on government to, as a matter of urgency, extend the terminal date of for the use of the old currency to at least 3 more months.
“We urge that government make a gradual move towards e-transaction instead of this abrupt and sudden change which has brought suffering on the common man.
“The new currency should be made a available at over the counter transactions in banks, ATMs and POS.
“The old and new currency should be accepted as legal tenders side by side for the next 3 months.”
However, ONDOCCIMA commended the government and the CBN for the beautiful inovation of including tracking numbers on the new notes, which it says will go a long way in curbing kidnapping, terrorism financing and money laundering.
Meanwhile, at the CBN Bankers Committee meeting on Tuesday, the Governor instructed banks as follows:
1. No Bank is authorised to pay out OLD NOTES again via ATMs or in bank branches over the counter
2. No payment of new notes over the counter. Banks are only allowed to release new notes via ATMs
3. Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes.
4. EFCC/ICPC officials will accompany CBN examiners to inspect bank branches over the next two weeks to assess full Compliance with CBN guidelines above.
5. Officials of branches that fail to comply or that release cash to Corporates and Politicians will face termination of their contracts and the respective banks will be sanctioned
6. No branch should allow an individual with multiple Debit cards to do multiple transactions on ATMs.
7. All new notes have tracking numbers to trace them back to State, Bank and Bank branches. So notes confiscated at parties and other locations can be traced back to the Bank and applicable branch.
But ONDOCCIMA refers to the CBN’s guidelines as draconian and anti-people. According to it, six of the seven guidelines by the apex bank are designed to kill small businesses and the common man.
“If you go through the guidelines, you’ll realise that they are designed against the common man and small business owners.
“Businesses like POS operators are already going out of business because they cannot access enough cash to run their businesses, it is the same for the people. They can no longer access the cash to run their businesses. The people are getting frustrated by this policy.
“It is not surprising that poor market women and artisans who were fed up with the sufferings inflicted on them by the CBN policy trooped onto the streets of Akure on Tueday in protest and vowing not to participate in the election. It will be a shame if that happens,” ONDOCCIMA said.
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