CASHLESS ECONOMY SYSTEM

In a bid to regulate cash flow in the country, the Central Bank of Nigeria in collaboration with bankers committee have come up with a policy, known as cashless economy system . This they said will help in monitoring the amount of cash an individual or company withdraws per-day through the electronic medium. In order words an individual is not expected to withdraw more than one hundred and fifty thousand naira daily while a company is only allowed to withdraw only one million naira daily

Under this policy those transacting business are expected to use ATM cards to pay for goods and services while restriction is placed on the amount each person withdraws each day.

The Bayelsa State Branch Controller of Central Bank of Nigeria Mr. Prince BU Udoutin elaborated on the importance of the cashless economy system and its advantages to Nigerians. He said it will discourage the carrying of large amounts for transactions.  

Although the enlightenment on cashless policy has been on, it will take full effect from March this year, still many Nigerians mostly Bayelsans are still ignorant to this effect.