Nigeria: Currency management issues forced introduction of new notes, urges Nigerians to embrace the cashless policy- CBN

The Central Bank of Nigeria through the Bankers’ Committee revealed that the introduction of new notes was important in dealing with challenges faced by Nigeria’s currency management.

The Committee also urged traditional rulers to enlighten residents on the use and implementation of the cashless policy of the Central Bank of Nigeria (CBN).

This was disclosed by the Chairman of the committee in Kano, Alhaji Muhammad Hamisu, on Tuesday in a meeting with the visit to the Emir of Kano, Alhaji Aminu Bayero.

Cashless Policy

The Bankers’ Committee Chief, Alhaji Muhammad Hamisu said Traditional rulers must educate their subjects on the benefits of going cashless for the economy.

Hamisu, who is also a Deputy Director in the CBN, said the new notes became necessary because currency management in Nigeria faced several challenges that had continued to grow adding that flyers and pamphlets were being distributed to aid sensitization on the cashless policy to enable the people to embrace online transactions, he said:

• “We are here to pay homage to you and then continue with other places and markets to sensitize them”
• “We believe that this exercise will help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of Nigerian.
• “We encourage the public to explore other payment channels, such as e-Naira, POS, electronic transfer, internet, and mobile banking.

Traditional rulers

Bayero the Emir pledged support to the sensitization programme and appealed to the apex bank to increase cash circulation, adding that CBN needs to expand its outreach in rural communities on the cashless policy for the benefit of the underprivileged persons, he said:

• “Whatever policy we want to introduce must take a gradual process. As traditional rulers that is our concern. You should keep on sensitizing the people on the cashless policy.”

He also urged Telecommunication Companies and other service providers to upgrade their networks to ease the suffering of Nigerians.

Backstory

The CBN also directed all banks to open operations on Saturdays and Sundays to meet their customer demand, citing that the Governor, Godwin Emefiele would personally monitor compliance with the directive.