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HomeBanking & FinanceCashless policy: Anglican bishop seeks wide circulation of new naira notes

Cashless policy: Anglican bishop seeks wide circulation of new naira notes

The Anglican Bishop of Abakaliki, Rev. Monday Nkwagu, has urged the Federal Government to step up plans to ensure wide circulation of the new naira notes across the country.

The cleric said this had become necessary to overcome challenges that would rise during the deadline in December.

Nkwagu made the call on Thursday in Abakaliki while reacting to the disappearance of new N200, N500 and N1,000 notes with the News Agency of Nigeria (NAN).

The cleric said the implementation of the cashless policy was to overcome the challenges facing it ahead of the Dec. 31 deadline cash swap.

NAN recall that the cashless policy was earlier introduced by the Central Bank of Nigeria (CBN) with the redesign of the N200, N500 and N1,000 notes.

The policy was aimed at achieving cashless economy for the nation and fight against corruption.

According to him, the early planning and strategies would allow the policy to get its best standard in the country.

He, however, decried the way people have suffered due to the policy and urged that early preparations ahead of cash swap from the old to new currencies became imperative.

“There should be plans to allow the new notes in circulation before the deadline, so, that we can overcome the challenges of cash scarcity.

“Yes, the cashless policy is good. At least it reduced vote buying during the general elections as well as money being paid for ransom amongst others.

“So, the government, especially the CBN should start early at ensuring that the new currencies is in circulation before December,” the Bishop advised.

Mr Ejike Ogeh, a civil servant tasked federal government on proper circulation of the currencies before deadline to avoid difficulty in accessing them.

Ogeh, who expressed shock over the disappearance of the notes, called on attention of authorities to the development.

Another resident, Mrs Pauline Nwabugo, told NAN that out of any transactions made, only few of the notes were seen.

“Out of every N10,000 withdrawal I made, I get only one new naira notes among old currency, Nwabugo said.

Mrs Rose Nwaogbaga, a petty trader, said since the introduction of the policy till date, the new naira notes had diminished.

Nwaogbaga encouraged authorities to monitor and ensured the notes were in place before time.

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