The Central Bank of Nigeria has said the use of cash payment will naturally reduce by 2025 as the new naira notes circulate in the economy.
The apex bank made this known in its Payments Vision 2025 document. It said by 2025, the country aspires to have a cashless and efficient electronic payment system infrastructure that would facilitate financial services in all the sectors of the economy.
According to the CBN document, the Nigerian payment landscape has many options that have displaced cash in recent times, including electronic bill payment, mobile phone top-up, and mobile and instant payments.
The apex bank had said the quantum of money that could be withdrawn from the counter would be drastically restricted while unveiling the new naira notes in Abuja