As part of an effort
to prepare Lagos for the implementation of the test-run phase of the new
proposed Cashless Policy scheduled to kick off in January 2012, the Central
Bank of Nigeria (CBN) and Bankers committee are carrying out different
sensitization program within Lagos.
On October 7, 2011 a
one-day Youth stakeholder’s forum tagged “Operation Cashless Lagos” was held at
Lagos Airport Hotel. The event brought together students, youth leaders and
young professionals from different parts of Lagos. According to the organizers,
one of the objectives of the forum was to engage people face-to-face. It was
noted that even though the policy has been announced, it is not set in stone,
as feedback from people at the grassroots will be taken into consideration and
applied as necessary.
The cashless policy
was introduced to discourage the high usage of cash across the economy which
has many negative consequences including- High Cost of cash, High risk of
cash-related crimes, high subsidy and high usage which limits the effectiveness
of monetary policy in managing inflation.
According to CBN, the
high usage of cash in the society result in high cost of banking services,
which limits access to credit.
The cashless policy is expected to kickoff in
Nigeria from June 1st 2012. However a pilot scheme will kick-off in
Lagos on January 1st 2012.
CBN and banks are
working with all stakeholders to ensure the appropriate infrastructure is in
place for smooth transition. Systems are also being put in place to minimize
electronic fraud, and ensure a transparent dispute resolution process.
What are some
Nigerians saying about this new policy? Click here to read Nigerians debate itsPros and Cons.
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