Immediate past Governor of Anambra State, Mr. Peter Obi, has called on the Central Bank of Nigeria (CBN) to reconsider some of its recent monetary policies, especially those, according to him, whose adverse effects outweigh their positive impacts. Obi was speaking to journalists during the ordination of 2015 set of priests by the Awka Diocese of St. Patrick’s Cathedral, Awka, on Saturday.

The former governor said though he appreciated the motives behind some of the recent regulations, there is still need for caution. He specifically referred to the recent imposition of more stringent requirements on domiciliary accounts. Obi said that this needs to be reconsidered as it is hurting the economy due to its effects on small and medium scale businesses, which he noted are the biggest employers of labour in the country.

He insisted that any policy not favourable to small and medium scale businesses both in short and long terms should be re-examined, especially now that one of the biggest problems Nigeria is facing is that of unemployment. “Besides,” he said, “those small and medium businesses are pivotal to the fight against extreme poverty.”

Obi said that a survey of small and medium scale businesses in cities such as Onitsha, Nnewi, Aba, Lagos (Alaba, Trade Fair Complex, among others) and other trading cities would reveal that traders are suffering and that the unintended negative impacts of the policy dwarf its positive effects. He called on the CBN to commission a study so as to know the realities on ground.

•Photo shows Peter Obi.