The Central Bank of Nigeria (CBN) on Tuesday met with banks and Bureau de Change operators on the need for them to sensitise their customers on the cashless policy.
Mr Tunde Lemo, a Deputy Governor in CBN, told the audience that it was time Nigeria updated its payment system to enhance her global competitiveness.
Lemo said that the effectiveness of the policy would depend largely on the collaboration of all stakeholders and the government.
“Some of the benefits include safety of cash from robbers, electoral malpractice and the promotion of financial inclusion.
“Others are the reduction in cost of credit, transparency and it curbs corruption and leakages,”
Lemo was represented by Babatunde Ajiboye, a Deputy Manager in the bank.
Earlier, Mazi Azubuike Okoro, the Branch Controller of CBN in Awka, said that Anambra was strategic because of her high commercial activities.
Okoro said that the policy was also a good option for the people in view of the high volume of cash transactions in the state.
The controller said that the apex bank would soon embark on sensitisation campaigns in the commercial cities of Onitsha, Nnewi and Ekwuluobia.
According to him, the campaign, which will include street shows, will also be taken to all communities in the state.
The cashless policy, which was earlier scheduled to begin in Anambra and five other states on July 1, was rescheduled till October 1.