CBN: "We Are Not Going Back On Cashless Policy"




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The Central Bank of Nigeria on Friday said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.

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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 10 per of bank customers would be affected.



The apex bank had in a circular to Deposit Money Banks stated that from Wednesday, September 18, it would impose three per cent processing fees on withdrawals and two per cent processing fees on lodgements of amounts above N500, 000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees on withdrawals and three processing fee on lodgements of amounts above N3m.

The House of Representatives had on Thursday through a resolution directed the apex bank to suspend the policy.


But responding to the development, Emefiele said if the Nigerian economy was to compete effectively with those of developed countries, a payment system that encourages the use of non-cash channels was desirable.

He said that before the cashless policy was first inaugurated in 2012, a lot of stakeholder engagements were done to sensitise Nigerians on its benefits.

He said the policy was suspended in 2014 to allow more payment channels to be developed by Deposit Money Banks.



The governor said that since the policy was suspended, currency management cost had continued to increase year-on-year at an average annual growth rate of 33 per cent.

However, he said the bank had continued to provide alternative channels, adding that people had embraced it.


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