Business Former NDLEA Boss Reveals: Nigeria's Cash-based Economy Supports Corruption

Vunderkind

Social Member
former Director-General of the National Drug Law Enforcement Agency, Mr. Femi Ajayi, has listed the several disadvantages of a cash-based economy, saying it allows all sorts of economic crimes.
Ajayi, who spoke at a conference entitled, ‘Cashless Nigeria: progress, prospects and opportunities’, stressed the need for the Federal Government and other stakeholders to stick to the cash-less policy.

He said, “Cash is the lubricant and desirable means of exchange that facilitates most organised crimes. Cash is desirable and preferred because it is not easily traceable. Cash encourages these crimes by reducing the possibility of detecting and tracing these crimes”

According to the immediate past director general of NDLEA, paper cash is non-traceable, and easy to hide, adding that it is easy to lose, steal and spend without trace.

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Source: #DailyTimes
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