Nigeria: Subsidy Strike - ATM Failure Highlights Flaws in Cashless Policy

16 January 2012

AS industry stakeholders increasingly lament the huge cost to the economy of the nation-wide strike called by labour unions to protest the removal of petrol subsidy, proponents of the Central Bank of Nigeria (CBN) cashless economy policy were probably more concerned about the industrial action mainly due to its timing.

Reason: coming barely a week into the commencement of the pilot scheme of the policy in Lagos, code named, 'Cashless Lagos', the strike has further exposed some of the weaknesses expressed in some quarters about the programme.

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