‘Embrace CBN’s cashless policy’

From Fisayo Akinduro, Osogbo
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Nigerians have been urged to embrace cashless policy in order to achieve the goal of being among the top 20 economies in the world in 2020.

A financial expert, Mrs Tomide Olukorede gave the advice while speaking with The Hope in Osogbo on Thursday.

It will be recalled that the Central Bank of Nigeria this week re-introduced charges on cash deposits on amounts above N500,000, which took effect on Wednesday, September 18, 2019.

The new charges are; three percent processing fees for withdrawals and two percent processing fee for lodgements of amounts above N500, 000 for individual accounts.

For corporate accounts, five percent processing fee will be charged for withdrawals and three percent processing fee for lodgements of amounts above N3m.

Olukorede said the move by the CBN was timely as it would reduce robberies and fraud in the society and as well make people keep tracks of their expenditures and make reasonable budgets.

She stressed that, with the cashless policy, the Economic and Financial Crimes Commission and her sister agency will be able to track down financial mismanagement and money laundering.

Olukorede noted that the policy is not meant to wipe out currency in circulation but to reduce the amount of money(cash) in circulation.

She urged Nigerians not to see the move by the apex bank as a way of making lives unbearable but to see it as an opportunity to align with international standards.

She further urged the Federal government to enforce policies that will make the economy better and also urged financial institutions to improve on the cashless transactions to avoid hiccups in the policy.

According to the CBN’s Director, Payments System Management Department, Sam C. Okojere, the nationwide implementation of the cashless policy will take effect from March 31, 2020, while it takes immediate effect in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT respectively.