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HomeNewsNigeria's apex bank 'defers' nationwide launch of cash-less scheme

Nigeria’s apex bank ‘defers’ nationwide launch of cash-less scheme

The planned nationwide roll-out of the cash-less programme of the Central Bank of Nigeria (CBN) may not hold as earlier scheduled in January 2013, the apex bank said.

The local media Friday quoted the bank as blaming the delay on the ”negative response” to the scheme, which is aimed at discouraging the use of cash in day-to-day transactions.

The pilot edition of the scheme was flagged-off in the commercial city of Lagos early this year.

CBN Governor Lamido Sanusi Lamido said following a final review of activities in the last ten months, the nation is not ready for a national roll-out in January.

He said the heavy dependence on cash remains a challenge that needs to be addressed, as US$11 billion have been laundered through Nigeria airports in the last ten months, further devaluing the naira.


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