The Central Bank of Nigeria (CBN) has commenced a weeklong sensitisation of stakeholders in Bayelsa State on the implementation of the cashless policy in July, this year.
The apex bank will implement the cashless policy in Bayelsa State and 29 other states on July 1 after the take-off of the pilot programme in Lagos, five states and Abuja.
Within the one-week period, CBN said it will speak to different groups as well as embark on media campaign to sensitise the people prior to the implementation of the policy on July 1.
Speaking in Yenagoa, Sarah Alade, the acting governor, CBN, who was represented by Basil Udou-Tun, Bayelsa branch controller, explained that the policy will reduce about N190 billion industry cost by the end of 2014, among others.
Alade stated that the cashless policy will also help to improve banking services and eliminate payment of subsidy by the mass public of banking customers which is to be borne by customers who make high volume cash transactions.
