The Central Bank of Nigeria is set to extend its cashless policy to some additional states of the federation. The next batch of states to be affected include Abuja, Abia, Anambra, Kano, Ogun and Rivers State from July 1.
The Cashless Policy introduced by the Lamido-led Central Bank is mainly meant to check corruption and high economic cost of managing a cash driven society. Since the inception of the policy, money laundering amongst public officials has declined and/or is more easily traceable. Also the value of electronic transactions has increased to N80 billion on a daily basis, leading to new opportunities and more efficient ways of doing things.
For more information on the cashless policy program and how it could affect you, please visit http://www.cenbank.org/cashless/