One year after the Central Bank of Nigeria introduced the cashless policy in Lagos, it has decided to extend the policy to other states, including Abuja, Abia, Anambra, Ogun, Kano and Rivers. It is against this background that Saturday Vanguard sampled the opinions of some Lagosians and these are their reactions.
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The policy has a lot of benefits for the people and the economy, and I think it should be embraced without fear.
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With the policy, it is mandatory for banks to confirm cheques of over N500, 000 to protect the interest of the person that issued the cheque. So for me, the policy is really helping us marketers because if you want to buy goods worth N1million you don't need to go with cash. All you need is an e-Transfer.
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But the challenge is poor network. Sometimes you will have to stay in the bank for hours . But aside from that, the cashless policy is okay because even the company we buy goods from doesn't collect cash.
I doubt if they would like the idea cos it won't favour them at all. They don't actually deal with that all.. it's very evident.