The Central Bank of Nigeria has announced plans
to produce and distribute the. Deputy Governor of CBN, Tunde Lemo disclosed this
while speaking to journalists at the NIBSS 20th anniversary conference held in
Lagos, sayimg in one to two months from now, the N5000 notes would be in
circulation.
According to him:” We only stopped the project due to
the low level of understanding of its benefits among Nigerians, but we now plan
to educate the people about the importance of the notes to our economy
before we eventually launch it”.
He added that Nigerians would soon see the notes in
circulation and start to enjoy its benefits. Speaking on the cashless
initiative, Lemo noted that it has been a great success within the experimented
states, stressing that the apex bank has deployed 120,000 Point of Sale (PoS)
Machines across the states where cashless policy is being experimented in
Nigeria.
He frowned at reports that 70 percent of the PoS
deployed within the country are ineffective, explaining that a lot of things
could have caused the ineffectiveness”. Similarly Director, Banking and Payment
Systems, CBN, Mr. Dipo Fatokun, who was also a speaker at the conference, noted
that the apex bank’s cashless initiative has aided the development of Nigeria.
He stressed that banks and customers now enjoy the
easy flow of transactions within the banks.
He, however, noted that the Nigeria payments system,
in the last two decades, has witnessed significant technological advancement,
due to the operations of Nigeria Inter-Bank Settlement (NIBSS) Plc.
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