Cashless banking demand on the rise

Implementation of the Central Bank of Nigeria (CBN)-led naira redesign policy has also led to more customers embracing cashless banking.

With the ongoing cash scarcity, more people are embracing cashless banking.

From people at the grassroots to high networth individuals and companies, the ongoing naira redesign policy has attracted diverse reactions.

CBN Governor, Godwin Emefiele, gave an insight to the expected impact of the policy on the financial system and economy. He said over N 2 trillion has been mopped up from the economy.

“Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN, thereby keeping the volume of currency in circulation under the firm control of the CBN,’’ he said.