Deputy Governor of the Central Bank of Nigeria (Operations) Tunde Lemo, today gave an insight on the success of the Cashless Policy introduced by the Central bank in Lagos.
He said the policy is succeeding. he put the total of daily transactions through the Poiint of Sales (POS) machines at a staggering N200 million .
He further said “I say this with all sense of responsibility as the deputy governor of the central bank that we shall ensure that no bank imposes N5000 on anybody who does not want it. You can go to your bank and say you don’t need N5000 note,”
Lemo added that, “Every Nigerian has the prerogative of the currency he or she wants to have. You can go to your bank and say, you don’t need N5000 note. You can say ‘give me N500, N200 and N100.’ It will be illegal for that bank to say you must have N5000.
Mr Lemo however aggreed that hitches have been encountered in rendering the service as a result of bad network and connectivity.
He also blamed shop owners for their prefference of cash than the use of the machines as factors that have thwarted the complete success of the policy in the Lagos.
On the N5,000 note, he said those who are opposing it are saying that because they don’t have sufficient information about it. He added that people who don’t need it should not ask for it.