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Monday, September 23, 2019

Amalyst - CBN's Cashless Economy, What It Means For Nigeria.

The Central Bank of Nigeria has stated that it would not back down from its decision to impose charges on financial transactions from march 2020 because of its goal of creating a cashless economy.

Most Nigerians do not fully understand what a cashless economy is. Probably, it is responsible for the negative reactions from nearly all spheres of the society when the policy was announced.

A cashless economy is one in which the use of cash is limited and most financial transactions take place online. In a cashless economy, the CBN will not be bothered about printing so many currencies and ensuring circulation.

There might also be lesser incidents of financial fraud because the majority of financial transactions are online and can be monitored through the use of Biometric Verification Number which is attached to every account.

The Value Added Tax is meant to discourage financial transactions by cash so that people will do more of online transactions thereby leading to a society that depends less on cash.

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