Economists and financial analysts have said the recent cancellation of deposit charges by the new Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, will not undermine the cash-less policy championed by his predecessor, Mr. Lamido Sanusi.

Emefiele had during the unveiling of his 10-point agenda for the CBN and the economy cancelled cash deposit charges. He, however, retained the withdrawal charges.

He said the cancellation of the deposit charges followed complaints by customers, a situation that made some of them to open multiple accounts while others have devised some disingenuous approach to beat the charges.

However, some industry analysts have said the development was capable of undermining the cashless policy and may put more burden of cash management on banks.

But industry experts told our correspondent Emefiele’s move was a right step in the right direction and would not derail the cash-less policy drive.

An analyst at Sterling Capital Limited, Mr. Sewa Wusu, said Emefiele was in support of the cashless policy drive and would not do anything that would undermine it but rather boost it.

According to him, the cancellation of the deposit charges will not in any way affect the progress or gains recorded in the cashless policy drive, adding that Emefiele has said he will support the policy.

“If Emefiele was not in support of the cashless policy, he would not have announced the nationwide rollout of the cashless policy which is due to commence on July 1,” he noted.

The Head, Research and Intelligence, BGL Plc, Mr. Femi Ademola, also said Emefiele’s move would not sidetrack the policy.

Ademola said, “In my opinion, it may even enhance the cashless policy more since according to the CBN, the charges make people have multiple accounts which are difficult to trace (for money laundering) and also make them keep a lot of cash outside of the banking system. In addition, adjustment to the policy does not necessarily mean the policy is being rubbished. Therefore, the cancellation will enhance the policy, not rubbish it.”

Punch