Central Bank of Nigeria’s Cashless policy met a stiff criticism in the commercial city of Kano as stakeholders lament over the absent of machinery needed for the implementation of the policy.
Members of the state business community asked for more time to educate the residents on the importance of the policy, during a stakeholders forum organised by the CBN in Kano.
The policy which is obviously not appealing to the Kano business community, had since gained recognition in Lagos, Abia, Anambra, Rivers, Ogun and Abuja since July 1st 2013.
Cashless policy came about, in an effort to promote end-to-end electronic payment and to limit the amount of cash in circulation, and the CBN introduced in January, 2012 the policy, also as part of the ambition to be one of the best 20 economies before the year 2020.
On the contrary, the CBN has maintained that the policy will be successful as planned because it has been made to cater for cash circulation challenges, which according to the CBN, over N100bn is spent on cash handling in Nigeria, and the CBN hopes that the commercial city of Kano state will be convinced on the importance of cashless policy as it continues its four day stakeholders forum.