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Deadline looming for Nigeria’s cashless policy

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LAGOS, (CAJ News) – THE Central Bank of Nigeria’s Cashless Policy has received a major boost from stakeholders and royalty ahead of its deadline on March 31.
Ahead of the deadline, the bank’s Cashless Policy Sensitization team has been in the Gombe State where some 500 people attended he flagoff on Monday.
The sensitisation, which is being held in conjunction with Bizi Mobile, also drew the attention of the Emir of Billiri who was present at the event in Billiri Local Government Area.
The monarch, Abdu Buba Mai Sheru, commended CBN for taking its time to make the people aware of its planned policy.
He said as a democratic country, Nigerians were grateful they are being informed of plans by government owned institution ahead of its implementation.
“The public will not be caught unaware,” said Sheru.
He also and commended Bizi Mobile for choosing his domain for the flag-off
of the sensitization programme.
“This domain is an economically viable area that holds great potential, hence I was not surprised that it was chosen ahead of others considering that its people are also very hospitable.”
Managing Director and Chief Executive Officer of Bizi Mobile Alhaji Aminu
Aminu Bizi pointed out that the CBN Casless Policy will begin on April 1.
“If you remove or deposit above N500 000 from that date, you would be charged 10 percent of the total transaction,” he explained.
“Very soon, Nigerians will begin to reap the abundant benefits of the cashless policy as it would translate to creation of new jobs and reduce the rate of cash related crime.”
The Gombe awareness tour will see the team cover five strategic local government areas until Friday.
CBN introduced the cashless policy in 2012 to curb excesses in the handling of cash in Nigeria. The policy was enforced not to eliminate the use of cash but to reduce the volume of cash in circulation.
CAJ News

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