Nairaland Forum

The CBN's new policy of a Cashless Nigeria will eventually bring more economy disaster than benefit to the General Economy of the country as the Naira will be devalued as against the dollar.

I went to an airline office yesterday at the International Airport Ikeja Lagos to purchase my ticket for a journey soon to be embarked on and I was dumbfounded at my discovery.

The airline has passed a law that on no account should cash of excess of N125,000 be collected from an individual at any given time. And the airlines bankers (name witheld) only accept a maximum cash of N1.5m deposit from the airline per day.

I was extremely surprised when it was announced that you can pay even upto $50,000 cash as it will be accepted as against the restricted sum of the naira.

I am not an economist or accountant, but from mere simple reasoning, I know this will eventually cause greater harm to the Nigerian Economy.

Economist and Accounting Professionals please enlighten us further on this.

ECOBANK ATM – You are all advised to stop the usage of your Ecobank ATM Cards, as they are good at debiting, but the cash never comes out, and when it comes to reversal…Long stories. I have an outstanding reversal from last year (N10, 147. 96 – online payment) and this year Feb 7th (N39, 154.08 – ATM withdrawal). Also especially do not use their machines outside the country… you have been warned.

That is the start of cashless Nigeria..