Experts hail CBN on implementation of cashless policy

Mr Godwin Emefiele, CBN Governor

Financial experts on Wednesday commended the Central Bank of Nigeria (CBN) for its efforts in ensuring implementation of cashless policy in the country, just as they faulted the apex bank for inadequate sensitisation.

The News Agency of Nigeria (NAN) reports that CBN on Tuesday issued a circular to deposit banks to commence the implementation of the cashless policy in six pilot states across the country.
The apex bank directed that implantation should commence from Sept. 18 in Lagos, Ogun, Kano, Abia, Anambra and Rivers States as well as the Federal Capital Territory.
It however stated that the nationwide implementation of the cash-less policy would take effect from March 31, 2020.
The CBN explained that transactions will attract three per cent processing fees for withdrawal and two per cent processing fees for lodgement of amounts above N500,000 for individual accounts.
Similarly, corporate accounts will attract five per cent processing fees for withdrawal and three per cent processing fees for lodgement of amounts above N3 million.
An economic expert and Managing Director of Cyber1 Systems Network International, Mr Momoh Aliyu, told NAN in Abuja that the full implementation of the policy meant to enhance transparency was long overdue.
Aliyu however said it was wrong for the policy to commence on Wednesday without adequate sensitisation of the citizenry.
“Many have invoiced their transaction taking into cognizance taxes before today. This will create loss in some businesses and such inconsistencies in government policies do not give investors confidence.
“There is always the need to give ample notice for all charges or taxes. This will help corporate bodies and individuals make proper adjustments to invoicing and other negotiations,” he said.
Another economic expert, Dr Samuel Fogbonjaiye, also said the policy was good and it was in furtherance of the cashless policy introduced by the apex bank.
Fogbonjaiye explained that the policy was meant to monitor cash movement and basically to mob up excess liquidity meant to develop the sector.
“Do you know some money bags have huge cash at hand and refused to pass it through bank accounting procedure? It is rather sad that not everyone in Nigeria has a genuine and functional bank account.
“To me, not giving enough time is obviously not important, the earlier you start, the better,” he said