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Cash-less policy will stop kidnapping – CBN

By on June 22, 2013

Kidnapping, which has become a menace in Anambra State, is one of the evils that the cash-less policy will eliminate, the Deputy Governor, Central Bank of Nigeria, Mr. Tunde Lemo, said on Thursday in Awka.

Lemo, who said this when he paid a visit to Governor Peter Obi, noted that the policy would plug leakages in government treasury.

The CBN deputy governor said the policy was part of measures taken to stabilise the country’s growth as well check mass movement of cash.

He said with effect from July 1, individuals would not be allowed to withdraw more than N150,000 in cash, while corporate bodies would not withdraw more than N500,000 in six states and the Federal Capital Territory.

Lemo said the new policy would help to reinforce the banking sector, adding that the choice of Anambra for the second phase of the cash-less scheme was because of the high volume of cash transactions in Onitsha, Nnewi and Awka.

“There are various gains of this policy, apart from checking corruption, it will reduce robbery, kidnapping, election rigging and even leakages in government revenue because nobody will be cheated by the electronic machine,” he said.

Lemo said efforts had been made to ensure the protection of bank customers and check fraudulent practices.

He, therefore, urged Obi to help sensitise the people on the need for them to embrace the policy.

 

 

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