AS CASHLESS POLICY GOES NATIONWIDE… - THISDAYLIVE

Two years after he suspended the cashless policy, the Governor of Central Bank of Nigeria , Mr. Godwin Emefiele recently unveiled plans to extend it nationwide. “We had to wait a while because we felt that there was need to be sure that the rate of financial inclusion in Nigeria has effectively penetrated all the nooks and crannies of the country for us to proceed on cashless banking.

While we commend Emefiele and his predecessor Mallam Sanusi Lamido Sanusi who actually launched the initiative in 2012, it may be necessary to have an overview of its implications for our economy. The benefits are many but the most poignant is that the more transactions take place within the banking system, the more effective monetary policy will be in managing inflation and driving economic growth.

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