According to the Central Bank of Nigeria (CBN), when more of the new naira notes enters the economy in 2025, the usage of cash payments would inevitably decline.
This was stated by the apex bank in its Payments Vision 2025 report. It said that by 2025, the nation aimed to develop an effective electronic payment system infrastructure that would enable financial services across all economic sectors.
The CBN statement claims that a variety of payment methods, including electronic bill payment, mobile phone top-up, and mobile and quick payments, have recently replaced cash in Nigeria.
“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.
“As we implement the PSV 2025 agenda, the CBN will continue to ensure that the Nigerian payments system is widely utilised domestically, supports government’s financial inclusion objectives, and meets international standards while contributing to overall national economic growth and development of Nigeria,” the bank said.
The bank said “The PSV 2025 will focus the attention of critical stakeholders on contemporary developments that will drive digital innovations and payment in the future, such as contactless payments, big data, and open banking.”
While requesting assistance from all stakeholders in implementing projects under PSV 2025 to develop an effective and safe payments system, the bank asserted that it would guarantee a secure, dependable, and user-centric financial solution in accordance with international standards.
When the new naira notes were unveiled in Abuja, the apex bank stated that the amount of money that could be withdrawn from the counter would be severely limited.
Additionally, CBN Godwin Emefiele, the governor, emphasized that the deadline for exchanging old notes on January 31 would not be extended.
