Nigeria goes cashless April 1 as CBN insists on policy implementation

CBN limits withdrawal of deposits in domiciliary accounts
CBN

Nigeria goes cashless April 1 as CBN insists on policy implementation – Barring any changes, Nigeria is set to fully go cashless across the country as the Central Bank of Nigeria (CBN) has said there is no going back on the full implementation of the federal government’s cashless policy which is expected to commence from April 1 across the country.

The first phase of the cashless policy implementation started in Nigeria’s commercial hub, Lagos, on January 1, 2012.

It expanded to Abia, Anambra, Kano, Ogun and Rivers states, as well as Abuja, in the second phase which commenced on October 1, 2013.

Speaking on the sidelines of a two-day sensitisation fair held in Asaba, Delta State, CBN Director of Corporate Communications, Isaac Okoroafor, said no state will be left behind in the last phase of the implementation of cashless policy.

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Nigeria goes cashless April 1 as CBN insists on policy implementation

The fair had as its theme: ‘Promoting Financial and Economic Development’.

Okoroafor explained that the cashless policy is not punitive, noting that it is aimed at discouraging the attitude of carrying huge sums of money about by individuals with all the attendant security risks.

Saying that CBN had been educating the people on the policy, he urged customers to embrace the electronic method of transactions which, according to him, is more convenient, safe and secured.

Okoroafor also stated that the apex bank has put all machinery in place to ensure swift and seamless transactions once the implementation of the cashless policy takes full effect nationwide on April 1.

He, however, counselled bank customers to guide their security codes jealousy in order to avoid hacking into their accounts by fraudsters.

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Nigeria goes cashless April 1 as CBN insists on policy implementation

On the abuse of naira notes, including hawking of the notes, the CBN director reiterated the fines for such abuses, noting, however, that it was the sole responsibility of security agencies to implement the laws.

He expressed dissatisfaction with the poor turn out of participants at the fair despite adequate preparation, noting that there was a huge turn out in Kebbi State with over 6,000 participants and Ekiti State with over 3,000 where a similar campaign took place.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Cynthia Charles 1190 Articles
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