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Nigeria: As trial cashless policy begins
Author: adetutu onadeko | February 27, 2012
The latest monetary policy by the Central Bank of Nigeria (CBN) aimed at easing pressures on cash transactions in the banks has already begun in Lagos... (1) Comment


 
   

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OMOTAYO, J. A.    Lagos, NIGERIA    February 29, 2012
This cashless policy is an unnecessary disturbance on our banking sector. In my opinion, it is poorly designed and wrongly timed. Why? First, the e-payment equipment are not locally made. They require deeping into our foreign reserves to purchase. Yet our foreign reserve today is low, very low. Replacement of faulty units will be financed with the low foreign reserves.

Second, the power required for the equipment's efficient operation is unstable. The intermittent switch between generator and public power supplies will cause them to malfunction. Their durability will be shortened. Third, difficulty in making cash payments facilitates the identification of distressed banks by customers and the CBN in the past. E-payment hides this simple but effective factor. Banks distresses will rise as management and staff manipulate their numbers while customers and CBN watch helplessly. Fourth, the CBN has had troubles monitoring banks even with cash transfers. How then can the CBN monitor e-payment? And many more! God save Nigeria.
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