The Central Bank of Nigeria (CBN)has explained why it temporarily suspended the planned nationwide implementation of the cashless policy in 2017.
December 23, 2022 10:00 AMthe planned nationwide implementation of the cashless policy in 2017.
Ahmad explained that the cashless policy was introduced in phases, first in Lagos on April 1, 2012, to reduce the use of cash in the economy, encourage electronic transactions and enhance the efficiency of the Nigerian payments system.Following the successes recorded during the pilot phase, she said the policy was extended to five other states and the federal capital territory in July 2013.
“In recognition of significant strides recorded in the transformation of the Nigerian payment system, expansion of financial access points, financial inclusion and proliferation in electronic banking, the CBN on September 17, 2019 announced implementation of full cashless policy in the FCT and the six states ,” Ahmad explained.
She further clarified that there are currently no processing fees applied to cash deposits in order to enable seamless and unrestricted deposit of any notes affected by the currency redesign.
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