CBN dares House of Reps, Says no going back on cashless policy

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has reiterated that it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.

The CBN Governor, Mr Godwin Emefiele, on Friday  said this while briefing journalists shortly after the Monetary Policy Committee meeting.

Emefiele said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to ten percent of bank customers would be affected.

He emphasized that  if the Nigerian economy is to compete effectively with those of developed countries, then a payment system that encourages the use of other non-cash channel was desirable.