October 1, CBN Second Phase of the Cash-less Policy Set to take-off in Five States and FCT.

The Governor of the central Bank of Nigeria Mr Lamido Sanusi, during the CBN Cashless sensitization awareness programme in Awka on Tuesday yesterday said that  The Central Bank of Nigeria (CBN)  will officially commence implementation of the second phase of its cash-less policy in five states of the federation including the FCT Come October 1, 2013. To mark the 53rd Nigeria Independent day celebration .

The apex bank had earlier deferred the implementation of the second phase of the policy in those states, earlier scheduled to commence July 1.

Also speaking Mr Chidi Umeano, the Head of Shared Services Office of the CBN confirmed also confirmed this stating that the second phase of the policy had been scheduled to take-off in Anambra, Abia, Kano, Ogun, Rivers and Abuja from October 1, as earlier stated by the CBN Governor.

Umeano said that the CBN had concluded its sensitisation tour of the states proposed for the next phase of the programme, adding that appeals for postponement might not be entertained.

The CBN Governor urged the public to see the policy by the governing bank as an initiative to reduce the circulation of cash within the country and not as an antagonistic move.

However, it will interest you that the efforts by the Central Bank of Nigeria for a cashless society had suffer challenges as a result of lack of adequate infrastructure and awareness in some parts of the country.

For this reason, Mr Musa Jimoh, deputy director, banking and payment system department, Central Bank of Nigeria noted that the challenges -such as lack of infrastructure and awareness- faced by the CBN has made the governing bank foster a close working relationship with the National Communication Commission (NCC) to ensure there is adequate coverage of the locations the CBN will deploy the cashless policy to.

“In terms of awareness we are basically working with the banks to provide adequate information and consumer education to sensitize people so that the Nigerian populace can understand the benefits of this policy,” Jimoh said.

To this end, The Central Bank of Nigeria (CBN) says it has concluded arrangements for the implementation of the second phase of its cash-less policy in five states of the federation including the FCT.