CBN Ignores Reps’ Order, Goes Ahead With ‘Cashless Policy’

Despite the House of Representatives’ call for the suspension of the proposed implementation of ‘cashless policy’ by the Central Bank of Nigeria, the apex bank has decided to forge ahead with the project.

CBN clarified on Friday that it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.

The CBN Governor, Mr Godwin Emefiele, said this while briefing journalists shortly after the Monetary Policy Committee meeting.

He said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to ten per of bank customers would be affected.

He said if the Nigerian economy is to compete effectively with those of developed countries, then a payment system that encourages the use of other non-cash channel was desirable.

Credit: punchng.net