CBN affirms cashless policy implementation April 1 deadline

* Urges Nigerian consumers to embrace electronic transactions

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has restated that there is no going back on the full implementation of the Federal Government’s cashless policy, which is expected to commence from April 1, 2020, across the country.

ConsumerConnect recalls that the first phase of the cashless policy implementation started in Nigeria’s commercial hub of Lagos January 1, 2012.

The implementation of the policy, however, expanded to the states of Abia, Anambra, Kano, Ogun, Rivers as well as Abuja, FCT, in the second phase that was activated October 1, 2013.

Earlier, Mr. Isaac Okoroafor, Director, Corporate Communications at CBN, while speaking on the sidelines of a two-day sensitisation fair with the theme, “Promoting Financial and Economic Development”, in Asaba, Delta State capital, said no state of the Federation would be left out in the last phase of the implementation of cashless policy.

Mr. Okoroafor explained that the cashless policy is not punitive.

Rather, it is aimed at discouraging the attitude of carrying huge sums of money about by individuals with all the attendant security risks, he stated.

According to him, the CBN had been educating the people on the policy, as he urged consumers of financial products and services to embrace the electronic method of transactions, which he added is more convenient, safe and secure.

The Director of Corporate Communications also said that the apex bank had put all machinery in place to ensure swift and seamless transactions once the implementation of the cashless policy takes full effect nationwide on April 1.

He, however, counselled bank customers to guide their security codes jealousy in order to avoid hacking into their accounts by fraudsters.

On the apparent abuse of Naira notes, including ‘hawking’ of the notes, Okoroafor restated the fines for such abuses.

However, he said the penalty for such infractions is the sole responsibility of security agencies to implement the laws.