Disadvantages Of Cashless Policy In Nigeria вђ Nigerian Finder For its more recent initiative, the central bank of nigeria recently rolled out a new policy on cash transactions that imposes a fee for daily cash withdrawals exceeding n500,000 for individuals and n3,000,000 for corporate entities. according to the apex bank, this policy aims to decrease the amount of physical cash in circulation and promote. In 2023, cashless transactions in nigeria increased to n611.06 trillion. it said the payments grew to n611.06 trillion from n395.38trn as of the end of 2022 indicating a 54.55 per cent year on.
Cashless Transactions In Nigeria Surge 45 41 To N39 58trn Business Cash less nigeria. 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. Nigeria has witnessed a significant rise in the use of e payment systems since the introduction of cashless policy in nigeria. the number of e payment transactions increased from 428.2 million in 2012 to 16.3 billion in 2021. similarly, the number of pos terminals in the country increased to 1.1 million pos in 2022 from 155,000 in 2017. Fresh data from the nigeria inter bank settlement system (nibss) has shown that the value of cashless transactions increased by 54.55% over 12 months from ₦395.38 trillion in 2022 to ₦611.06. Image: shutterstock. nigeria’s push to adopt digital currency and move towards a cashless society shifted into high gear on december 6, when the country’s central bank announced a cap on cash withdrawals, either over the counter or via atms. the new policy affects more than 200 million people, and its impact could be far reaching and.
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