Nigeria’s apex bank has said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.
The Central Bank of Nigeria Governor, Godwin Emefiele, said this on Friday while briefing journalists shortly after the Monetary Policy Committee meeting.
Emefiele said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to ten per of bank customers would be affected.
He said if the Nigerian economy is to compete effectively with those of developed countries, then a payment system that encourages the use of other non-cash channel was desirable.
Concise News had reported that the CBN has restricted provision of Foreign Exchange (FOREX) for cassava and its by-products.
The CBN governor in a statement on Friday noted that as the largest producer of cassava, it is regrettable for the country to encourage its importation.
Emefiele, who said this in Abuja after the Monetary Policy Committee (MPC). noted that some of the affected by-products include starch and ethanol.
“Nigeria is the largest producer of cassava,” Emefiele said.
“If Nigeria is the world’s largest producer of cassava then we should not allow people to say they want to import starch or they want to import ethanol or they want to import sorbitol into Nigeria.
“We will prevent them from doing so with all our might.”