Lagos State officially went cashless as of Sunday, January 1st, 2012. The state was selected as the pilot location for moving Nigeria towards more electronic based transactions. The pilot will be spread out to other key states across the country as from June. Speaking on the cashless policy, Mr. Mahmoud Umar, Director, Currency Operations Department at the Central Bank of Nigeria (CBN) said:
“3rd party cheques above N150,000 shall not be eligible for encashment over the counter.
The cash-policy applies to all accounts, including collection accounts. Banks are to work with their corporate customers to arrange for suitable e-collection options.”
Meanwhile, the CBN recently extended the deadline for sanctions on cashless Lagos implementation to March 30, 2012. This was done to give people time to migrate to electronic payment systems.
What do you think about the launch of the cashless policy in Lagos State?