Banks, ATMs still dispense old notes as CBN targets 2025 to end cash transactions
Checks across commercial banks Tuesday, January 3, 2023 in Nigerian mega cities have revealed that withdrawals at banks are still on old notes even as ATMs continue to dispense same old notes.
Chatting with some bank customers, they argued that for banks to still be giving out old notes since December 15th this policy change emerged show that the apex bank may not have been very ready ahead of introducing the policy.
Besides, the Central Bank of Nigeria (CBN) has said the use of cash payment will naturally reduce 2025 as the new naira notes circulate in the economy.
The apex bank made this known in its Payments Vision 2025 document. It said by 2025, the country aspired to have a cashless and efficient electronic payment system infrastructure that would facilitate financial services in all the sectors of the economy.
According to the CBN document, the Nigerian payment landscape has many options that have displaced cash in recent times, including electronic bill payment, mobile phone top-up, and mobile and instant payments.
“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 charging all stakeholders to support the bank in executing initiatives under the PSV 2025 towards fostering an efficient and secure payments system, it said it would ensure a secure, reliable, and user-centric financial solution in compliance with international standards.
Recall that the apex bank had said the quantum of money that could be withdrawn from the counter would be drastically restricted while unveiling the new naira notes in Abuja.
The Governor, CBN Godwin Emefiele, also insisted that the January 31st deadline for the exchange of old notes would not be extended even as federal Lawmakers have passed resolution that will extend deadline to June 30th, this year.
