Challenges of Nigeria's Transition to Cashless Policy Despite CBN's Efforts

There have been mixed reactions following the CBN’s introduction of the revised cash withdrawal limits on December 6, 2022, following its recent currency redesign project.

While some regard the initiative as a political witch-hunt, others have applauded it as a strategic move towards addressing the endemic issues of corruption in the system, and a step in the right direction in responding to the security challenges bedevilling the country as well as a commendable initiative towards helping the country to achieve its cashless policy targets and formalising the huge informal sector, among other benefits.

While the new directive could bode well for tackling illicit transactions and improving the payments ecosystem, it might also have some adverse effects including Potential inconvenience for individuals and organisations with high cash transaction needs, Limited infrastructure to support digital payments among others.

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