Cashless policy not to eliminate cash payment – CBN boss

    
The acting Governor of the Central Bank of Nigeria, Dr. Sarah Alade, has said that the CBN’s cashless policy is not intended to eliminate the use of physical cash for payment in Nigeria but to reduce it.

She said the apex bank had commenced the repositioning of the nation’s financial system so as to address current challenges and transform Nigeria into a world class economy.

Alade, who was represented by the CBN Branch Controller, Ilorin, Kwara State, Mr. Monday Olotewo, spoke at CBN’s cashless sensitisation summit in Ilorin, the Kwara State capital on Tuesday.

She identified robberies and cash related crimes, kidnapping, election rigging, revenue leakages, inefficient treasure management and corruption as some of the challenges associated with cash economy.

Alade said the cashless regime would meet Federal Government’s Vision 2020 requirement; modernize Nigeria’s payment system and reduce the cost of credit banking services.

She added that it would also drive financial inclusion, improve effectiveness of monetary policy, reduce high security and safety risk as well as reduce high subsidy.

To make the policy effective and less stressful to Nigerians, the CBN boss said the apex bank was enlarging the financial contact points to include areas such as the post offices, motor parts and corner shops.

She stated that the legal framework needed to support the policy was before the National Assembly and would fortify implementation once accent was received