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CBN: Cashless policy takes off April 1st

The Central Bank of Nigeria (CBN) has reiterated its plans towards the nationwide implementation of the federal government’s cashless policy. This policy is expected to commence from April 1 across the country.

The first phase of the cashless policy implementation started in Nigeria’s commercial hub, Lagos, on January 1, 2012.

It expanded to Abia, Anambra, Kano, Ogun, and Rivers states; as well as Abuja, in the second phase which commenced on October 1, 2013.

This announcement was made by the CBN Director of Corporate Communications; Isaac Okoroafor, during a two-day sensitisation fair held in Asaba, Delta State, on Tuesday, February 18.

Okoroafor said no state will be left behind in the last phase of the implementation of cashless policy.


He explained that the cashless policy is not punitive; noting that it is aimed at discouraging the attitude of carrying huge sums of money about by individuals with all the attendant security risks.

Saying that CBN had been educating the people on the policy; he urged customers to embrace the electronic method of transactions which, according to him; is more convenient, safe and secured.

Okoroafor also stated that the apex bank has put all machinery in place. This is to ensure swift and seamless transactions; once the implementation of the cashless policy takes full effect nationwide on April 1.

He, however, counselled bank customers to guide their security codes jealousy; in order to avoid hacking into their accounts by fraudsters.

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