HOUSE of Representatives, yesterday, mandated Central Bank of Nigeria, CBN, to implement the cashless policy introduced in the country in phases.
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The motion, promoted by 53 lawmakers, is entitled Need for Central Bank of Nigeria to Implement Cashless Policy in Phases.
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Anchored by Yakubu Dogara representing Bogoro/Dass/Tafawa Balewa Federal Constituency of Bauchi State, they sought to make CBN implement cashless policy in stages, moving from cash-based to cash-less and finally cashless, commensurate to available technical and financial infrastructure at each stage.
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According to Dogara, "cashless policy as now practised in Nigeria has possible implication of cost saving in the financial sector, but does not necessarily imply real sector growth and does not have human development as a focus of an economic development."