CBN reiterates March 31 deadline for cashless policy

•Says only six states, FCT, comply

The Central Bank of Nigeria (CBN) has reiterated the plan to fully implement the cashless policy which is expected to ensure swift and seamless payments as from March 31, 2020, the deadline for all customers to comply.

So far only Kano, Rivers, Ogun, Anambra, Lagos, Abia and FCT have complied, Director, Corporate Communications department of the bank, Mr Isaac Okoroafor has disclosed.

Speaking at the bank’s fair in Asaba, Delta state with theme, “Promoting Financial and Economic Development” on Monday, Okoroafor said the bank had been sensitising the people on the policy to disabuse their minds on dangers of carrying plenty of money at all time.

The CBN’s cashless policy Phase 1 took off in Lagos on the 1st of January 2012.

Additional states; Abia, Anambra, Kano, Ogun and Rivers States, as well as Abuja, were added in Phase 2, and it started on October 1, 2013.

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The third and final phase of the policy kicked off in June 2019 across 30 states.

Mr Okoroafor expressed dissatisfaction with the turn out of participants at the fair despite adequate preparation for the program.

He noted the successful outing in Kebbi state with over 6,000 participants and Ekiti with over 3,000.

According to him, it was not the responsibility of the apex bank to enforce laws on abuse of the naira, such as defacement, sales, hawking adding that the bank collaborates with the security agents in this direction.

He counselled bank customers to guide their security bank codes jealousy in order to avoid hacking into their accounts by fraudsters.

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