The Central Bank of Nigeria, CBN, has charged Nigerians to embrace the new cash-less policy or be left behind.
Principal Manager of the Share Services Office in CBN headquarters Abuja, Mr. Okunfolami Akinloye gave the charge during a sensitization workshop on the cash-less policy held in Lokoja, Kogi State.
Enlightening the stakeholders, Mr. Okunfolami Akinloye disclosed that the new policy is actually called cash-less policy and not cashless policy like some people understand and call it.
He stressed that the policy is aimed at reducing the dominance of cash transactions in the system but not eliminating it, noting that it aims at dwelling on electronic payment system rather than the old order.
Mr. Akinloye explained that heavy cash usage has the inclination of attracting armed robbery, as well as cash-related crimes such as kidnapping, election rigging, corruption and inefficient cash management.
Meanwhile, the CBN Branch Controller of Lokoja, Mr. Bafai Musa Bagai opined that one of the major reasons for the introduction of the cash-less policy is due to the cost of printing naira notes which has continued to increase.
Participants at the workshop who spoke to Our Roving National Correspondent, commended CBN for the sensitization workshop and expressed optimism about the workability of the new cash-less policy.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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