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CENTRAL BANK TO IMPLEMENT CASHLESS ECONOMY

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele says with the introduction of the redesigned naira notes the bank will now ensure full implementation of the cashless economic system across the country.

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Emefiele stated this when he fielded questions from State House Correspondents, soon after President Muhammadu Buhari presented the new banknotes to the public on Wednesday.

President Muhammadu Buhari had earlier on Wednesday inaugurated the new naira notes of N200, N500 and N1000, expressing delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) PLC

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The CBN Governor, however, explained that with the redesign of the naira note the apex bank would not allow any individual or organization to withdraw huge cash without interrogation from relevant security or anti-corruption agencies.

According to him, many countries, especially the advanced ones have since adopted the cashless system and Nigeria must not be left behind.

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Emefiele also dismissed the assertion that the redesigning of the naira notes was targeted at some individuals including politicians.

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