"We have seen statistics from the CBN that the continual reduction in the balance of foreign exchange reserves and when you are confronted with that, the only option available is that you tighten until you see a reverse to that in terms of accretion to reserves," managing director and chief executive of
Onasanya said the movement of the CRR to 100 percent was a
Head, Shared Services of the CBN, Mr.
The policy, which was announced by the CBN in 2011, started in
He stated that more Nigerians have adopted electronic payment means.
According to Umeano, electronic transactions stand at over N240 billion (
Baring several irregularities that have been witnessed in states where the cashless policy is already in use, increased convenience, reduced risk of cash-related crimes, cheaper access to (out-of-branch) banking services are enough reasons to embrace the policy.
With adequate awareness already in place, people in other states of
The onus lies on the CBN however, to ensure the irregularities are promptly addressed and electronic payment/transaction platforms work well.
Most Popular Stories
- Crimean Referendum Violates International Law: Obama
- Florida Insurers Reach Out to Hispanics
- Where Are the World's Most Expensive Cities?
- BP Tripled CEO's Pay Despite Deepwater Horizon
- House OKs $1 Billion for Ukraine
- EU Breaks Off Talks With Russia
- Putin Gets Thumbs-up From Assad
- 2 Million Long-term Jobless Have No Benefits
- Nakamoto 'No Longer Involved' in Bitcoin
- Cuba Accepts Invite for Talks With EU