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Cashless policy: CBN canvasses stakeholders' support

28 August 2013, 09:36

Kano - The Central Bank of Nigeria (CBN) has solicited for the cooperation and support of various stakeholders to ensure the success of the new cashless policy in the country.

The CBN Governor, Malam Sanusi Lamido Sanusi, made the call while launching sensitisation campaign to the new policy in Kano on Tuesday.

NAN reports that the sensitisation campaign was organised by the CBN in Kano to educate stakeholders on the importance of the policy.

The CBN Governor, who was represented by the CBN Kano Branch Controller, Alhaji Muhammad Ladan, said the call became necessary ‘’if we are to consolidate  the improved efficiency of Nigeria’s payment system to contribute to the country’s economic and social development.

“While the CBN is playing a leading role in the development and implementation of this policy the cooperation among our respective stakeholders, is extremely important if we are to ensure its success,” he said.

According to him, the new policy was introduced to meet vision 20:2020 requirement and modernise the country’s payment system.

He said the introduction of the new policy was also aimed at reducing the cost of banking services, improve effectiveness of monetary policy, and foster transparency as well as curb corruption, among other things.

He said even though the policy had its challenges, the bank was doing its best to ensure its success in the country.

“It is however important to stress that this policy intends to reduce and not eliminate the use of physical cash for payment in Nigeria.”

“Other ills associated with a cash-centric economy include robberies and cash-related crimes, kidnapping, election rigging, revenue leakage, inefficient treasury management and corruption,’’ Sanusi said.

NAN reports that the occasion was attended by stakeholders from various sectors of the economy.

-    NAN


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