The Central Bank of Nigeria has disclosed that the use of cash as a medium of payment would reduce in 2025.
The apex bank in a Payments System Vision 2025 document revealed that the goal is to have a cashless and efficient electronic payment system infrastructure that would facilitate financial services in all the sectors of the economy.
In addition, the document stated that 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.
“As we implement the PSV 2025 agenda, the CBN will continue to ensure that the Nigerian payments system is widely utilised domestically, supports government’s financial inclusion objectives, and meets international standards while contributing to overall national economic growth and development of Nigeria,” the bank said.
Charging stakeholders to back the bank in executing the PSV 2025 agenda, CBN said it would ensure a secure, reliable, and user-centric financial solution in compliance with international standards.
Recall that the Central Bank of Nigeria had announced that individuals could withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash after evaluating feedback from its earlier decision to reduce weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities to N100,000 and N500,000, respectively.