New Monetary Policy: Nasarawa NYCN urges commercial banks to improve electronic banking services

By G9ija

The National Youth Council of Nigeria (NYCN), Nasarawa state chapter, has called on commercial banks to improve their electronic banking service to ameliorate the hardships occasioned by the Central Bank of Nigeria (CBN) Cash Redesign Policy.

The Nasarawa State Chairman of NYCN, Malam Jaafar Loko, made the call in a statement made available to the Saturday at the Keffi Local Government area of the state.

NAN reports that the CBN had in October 2022 announced the redesign of N200, N500 and N1,000 notes with the old notes ceasing to be legal tender by January 31st, 2023, but since the implementation of the policy, Nigerians have faced difficulties obtaining the new notes.

Loko said the council was deeply concerned about the inability of people in the state to access cash and especially the difficulties experienced in the use of electronic banking services in many instances which are supposed to be a viable option to the use of cash.

He said the lack of adequate cash in circulation and the failure of the electronic banking services of commercial banks had no doubt caused severe discomfort among the people of the state and the country at large.

“We, however, commend the resilience of our people who in spite of the difficulties experienced as a result of the implementation of this policy, have maintained decorum and refused to unleash anger through the destruction of public facilities like it has been experienced in many parts of the country,” he said.

Loko who expressed support for efforts made by the Governor Abdullahi Sule of Nasarawa-led administration to ensure that commercial banks make cash available and improve electronics banking services, also called on the banks to do the needful to reduce the hardships faced by the public.

“Furthermore, we appeal to young people and indeed the good people of Nasarawa State to remain patient while government takes measures to address all challenges associated with the implementation of its monetary policy.

“Be assured that we are together in this and we will do everything within our power to ensure that government is proactive and lives up to its responsibility,” he said.