THE USE OF CASH WILL SLOW IN 2025, NATURALLY- CBN



By Nkoyo Etim 

The Central Bank of Nigeria (CBN) has disclosed that the use of cash will naturally slow by 2025.In its Payments Vision 2025 document, the CBN stated that by 2025, Nigeria aspires to have a cashless and efficient electronic payment system infrastructure that facilitates financial services in all the sectors of the economy.

It also noted that it intended to provide secured, reliable, and user-centric financial solutions in compliance with international standards

The CBN on October 26, 2022 announced that higher denominations of the naira- N200, N500 and N1,000 notes would be redesigned and introduced into the economy from December 15, 2022 while commercial banks were directed to return existing denominations to the CBN.

The new naira became a legal tender on December 15, 2022, but millions of Nigerians are yet to physically see or transact business with the notes 17 days after.

The Governor, CBN Godwin Emefiele, also insisted that the January 31st deadline for the exchange of old notes would not be extended.

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