Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the country is prepared to move towards a cashless economy like other countries in the world.
Addressing journalists in Abuja on Thursday, Emefiele noted that the CBN would restrict the volume of cash in circulation in a move to ensure a seamless switch to a cashless economy.
The CBN governor further disclosed that the apex bank would monitor large withdrawals of cash over the counter to check financial crimes.
According to Emefiele, with the redesign and issuance of the new N100, N200 and N500 notes, the CBN will insist that Nigeria goes cashless nationwide.
“The world has moved from predominantly cash to a cashless economy, and I think Nigeria and the Central Bank of Nigeria are prepared to move towards a cashless economy. And that is why following the redesign and issuance of this note, we will insist that cashless will be nationwide,” he said.
According to Emefiele, Nigerians who insist on withdrawing huge amounts of cash over the counter will fill out forms detailing the individual’s data, including their BVN or NIN, which will be submitted to the anti-graft agencies.