In 2012, Central Bank of Nigeria began a program called "Cash-less Nigeria" to promote electronic payment mechanisms, and reduce (NOT ELIMINATE) the amount of physical cash in the economy. This approach is what will work, wherein the Central Bank recognizes that cash solves an inherent need in the system, and can probably never be eliminated. However, countries need to invest into the payments infrastructure to the extent it can reduce cash by facilitating cash less transactions.
In the bank's own words:
The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. The new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)
Follow the link for complete guidelines.
It also issued detailed guidelines around PoS devices.
In the bank's own words:
The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. The new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)
Follow the link for complete guidelines.
It also issued detailed guidelines around PoS devices.
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