The Head of Shared Services of the Central Bank of Nigeria (CBN) Mr. Chidi Umeano yesterday shed light on the introduction of the cashless policy, saying it was meant to discourage excessive use of cash in the economy.

According to him, use of cash had negative consequences such as high cost of printing and the attendant risk of holding cash.

Responding to the address by Governor Rochas Okorocha when he received the team at the Government House, Owerri, yesterday, Chidi said the main objective of the policy was to meet the vision 20-20 requirement, modernise Nigeria’s payment system, reduce the cost of banking services and improve effectiveness of monetary policy, among other things.

He called on Nigerians to embrace the policy to enable the country move forward.

Receiving the delegation, Governor Rochas Okorocha expressed the willingness of his administration to partner with the CBN on the new policy christened “Cashless Policy.”

He acknowledged the fact that the policy would reduce crime, corruption and money laundering in the country while noting that the policy will turn around the economy of the nation and make life easier for Nigerians.

He urged them to look into the handling of the state governments’ accounts by the commercial banks for proper accountability asnd embark on massive awareness to enable Nigerians understand the policy.

The Comptroller of CBN, Owerri branch, Mr. Aligwe Romanus Kalik, commended the state governor for providing a conducive environment for banks in the state to thrive, through massive developmental projects and security.

He disclosed that the CBN Owerri branch was ranked number one among the 36 branches of CBN in the country.

Source: Daily Independent (by Johnkennedy Uzoma)