The Central Bank of Nigeria (CBN) has affirmed that the second phase of the cashless initiative will begin July 1, 2013.
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Deputy Governor, Operations, CBN, Mr. Tunde Lemo, confirmed this weekend, saying that the planned extension of the cashless policy to five states, as well as the Federal Capital Territory (FCT) from July 1 still holds. The states to implement the cashless initiative. include Rivers, Kano, Anambra, Ogun and Abia as well as the FCT.
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According to Lemo, the states and the FCT were chosen because of the large volume of cash transactions in some of their major cities. He explained that in order to achieve the target, the apex bank and lenders had already drawn a road map, which is being followed meticulously.
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"We are ready to roll out to the six other states and there would be no change in date. We are not shifting the goal post. We have a road map, which is being followed and we are fully prepared".
I support this move wholeheartedly. It makes a lot of sense to me. I must kudos them for the great work they are doing right now.