Nigeria: As Cashless Policy Goes Nationwide

As the cashless policy introduced by Central Bank of Nigeria (CBN) goes nation-wide today, July 1st 2014, this newspaper urges Nigerians and indeed all stakeholders to support and ensure the successful implementation of the policy in the country. We believe that the policy whose objective is to reduce huge physical cash in circulation as well as encourage electronic transaction would transform the quantity and efficiency of Nigeria's payment system.

Initially introduced in Lagos in 2011, cashless transaction became effective in Abuja, the federal capital territory and the five states of Abia, Anambra, Kano, Ogun and Rivers in October 2013. On the back of the successes of the scheme observed in these states and the federal capital territory, the Apex bank decided to the remaining thirty states in the country.

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