Cashless Policy to commence in Abuja, five other states in July

The Central Bank of Nigeria (CBN) has commenced arrangements for the start off of its cashless policy in Abuja and five other states of the federation. Disclosing this, Acting Director, Banking Supervision of CBN, Mr. Benjamin Fakunle said that apart from the FCT, the five other states that would go cashless include Kano, Anambra, Abia, Rivers and Ogun.

The Director, who was speaking after the Bankers Committee meeting in Abuja, added that in addition to the move, the Central Bank was urging Nigerians to use more of electronic channels and less cash in performing their financial transactions. The Cashless policy which was first launched in Lagos last year by the CBN was introduced as a pilot scheme to help reduce the use of cash in day to day transactions. Also speaking at the post bankers committee briefing, Director, External Communications Division, Mr. Okoroafor Ugochukwu cautioned Nigerians on the dangers of patronising ‘wonderbanks’ saying that they are not regulated by the Apex Bank.

In related development, the Bankers Committee of the Central Bank of Nigeria agreed to remove all major impediments in the bond market, saying such move was needed to facilitate the growth and development of that segment of the economy.