Nigeria to go cashless by 2025, CBN predicts

January 3, 2023
11 Views

The Central Bank of Nigeria (CBN) has said the use of cash will naturally slow by 2025 as Nigeria aspires to have a cashless and efficient electronic payment system infrastructure that facilitates financial services in all the sectors of the economy.

In its Payments Vision 2025 document, the CBN noted that it intended to provide secured, reliable, and user-centric financial solutions in compliance with international standards.

According to the CBN document obtained from its website, the Nigerian payment landscape has many options that have displaced cash in recent times, including electronic bill payment, mobile phone top up, and mobile and instant payments.

READ ALSOCashless policy: Non-issue, waste of Nigeria’s resources, time, says expert

“The use of cash will naturally slow with the ‘mobile first generation’, which will be economically active by 2025, hence one of the focuses of the PSV 2025 is enhancing the cashless policy of the CBN”, the document stated.

The CBN on October 26, 2022 announced that higher denominations of the naira– N200, N500 and N1,000 notes would be redesigned and introduced into the economy from December 15, 2022 while commercial banks were directed to return existing denominations to the CBN.

The new naira became a legal tender on December 15, 2022, but millions of Nigerians are yet to physically see or transact business with the notes 17 days after.

You may be interested

CBN issues fresh update on Feb 10 deadline for old naira notes as Buhari calls f…
News
News

CBN issues fresh update on Feb 10 deadline for old naira notes as Buhari calls f…

Webby - February 3, 2023

The Central Bank of Nigeria (CBN) has restated its resolve to phase out old naira notes The former naira notes,…

Just in: Emefiele insists the CBN is not considering extending deadline for swapping naira notes
News
News

Just in: Emefiele insists the CBN is not considering extending deadline for swapping naira notes

Webby - February 3, 2023

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has restated that the apex bank is not considering…

Police IG Orders Arrest And Prosecution Of Those Selling, Rejecting Or Spraying Naira
News
25 views
News
25 views

Police IG Orders Arrest And Prosecution Of Those Selling, Rejecting Or Spraying Naira

Webby - February 3, 2023

The Inspector General of Police (IGP), Usman Alkali Baba has ordered the arrest and prosecution of those abusing the naira…

Leave a Comment

Your email address will not be published.