The Central Bank of Nigeria (CBN) on Thursday said that its cashless policy would boost internal revenue generation capacity of states in the country.
The CBN Controller in Jos, Mr Mathias Kura, said this at a meeting of the bank’s officials with members of Plateau State Executive Council in Jos.
Kura said that the internal revenue gains to Plateau and other states would increase with the implementation of the cashless policy.
“We first introduced this cashless policy in Lagos State and later in six other states and one of its immediate benefits is the significant increase in their internal revenue generation,” he said.
He said that the policy was intended to reduce the cost of money in circulation around the country.
According to him, the government spent more than N140.5 billion on printing of notes, movement and storage of currencies in 2012.
Karu said that Nigeria was far behind in electronic banking as many countries had advanced in the policy and stressed the need for citizens to adopt the cashless practice in all transactions.
He said that the policy would be introduced in more states by July, but denied that there was a plan by CBN to totally stop the use of cash for businesses.
Karu said that the aim of introducing the cashless policy was to increase electronic banking transactions and reduce cash withdrawal through the banks.
Responding, Mr Francis Bot, Chief of Staff to the Gov. Jonah Jang, said cashless policy was welcomed, but advised CBN to ensure that basic banking infrastructure were established before full implementation of the policy.
Bot assured that the state government would work progressively with other sectors of the economy to ensure that Plateau benefitted from the policy. (NAN)
© anu for Royal Times of Nigeria Newspaper, 2014. |
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The post Cashless policy will boost states’ internal revenue generation – CBN appeared first on Royal Times of Nigeria Newspaper.