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Cashless policy will create first class economy — CBN

By BusinessNews Staff on March 28, 2014

Governor of Central Bank of Nigeria, CBN, Mrs Sarah Alade, has said that its cashless policy will turn the country’s economy into a first class one and that it was not intended to eliminate the use of physical cash for payment, but to reduce cash transactions in the system.

Alade spoke yesterday in Ilorin during CBN’s sensitisation programme on the cashless policy.
She said that the sensitisation programme was necessary for people to understand the policy, adding that “we are also enlarging the financial contact points to include areas such as post offices, motor parks and corner shops.’’

The CBN boss also explained that the policy involved an individual with more than N500,000 to transact business in a day, adding that people in rural areas and other Nigerians who had less transactions to make should not be worried as they were not affected.

Represented by the Principal Manager, Shared Services, Abuja, Mr. Ogunfolami Akinloye, Alade further said that Kwara and 30 remaining states in the country would go cashless from July 1, as six states, including Abuja, had commenced the programme since 2012.

She called for cooperation and support of all Nigerians on the programme, adding that the policy would help to reposition the country into a first class economy.

Also speaking, the CBN Controller, Ilorin, Mr. Monday Olotewo, said his office was more interested in how the programme would be accepted in the state, pointing out that efforts would be made to ensure that everybody understood what the cashless policy was all about.

He said: “Apart from this sensitisation programme, there is going to be road shows to markets, motor parks and all parts of the state. We will ensure that everybody in all the nooks and crannies of the state gets to know how to make use of this policy; how they can stop carrying cash about.”

[Vanguard]

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