The Federal Airports Authority of Nigeria (FAAN) has prohibited all physical cash collections throughout its operations, making the aviation industry one of the first to fully implement the federal government’s strengthened Cashless Policy. The Managing Director/Chief Executive of FAAN, Olubunmi Kuku, issued an internal memo on February 3, 2026, ordering all directorates to stop accepting […]
A group under the aegis of Point of Sale ( POS Operators ) in Nigeria has kicked against the cashless policy of the Central Bank of Nigeria ( CBN ) that wants cash withdrawal limits of individuals per day to N20,000 and Corporate bodies N100, 000. The group which petitioned President Muhammadu Buhari and the […]
The cashless policy is an initiative introduced by the CBN to reduce the amount of physical cash in circulation thereby encouraging the use of electronic platforms for settlement or payment for goods and services. The aspect of the policy earlier introduced in Lagos State from January 1, 2012, tagged (Cash-less Lagos) now became fully effective […]
Citizens groan under numerous bank charges ‘Cut cost of governance instead of taxing people’ By Philip Clement The cashless policy introduced by the Central Bank of Nigeria (CBN) has been greeted with mixed reaction. The policy which is targeted at reducing currency in circulation took effect on1st of April, 2020. To this end, some commercial […]
The Lagos state government on Sunday said full implementation of cashless policy at the Lekki/Ikoyi Bridge Toll Plaza would commence today. Commissioner for Transportation, Dr. Frederic Oladeinde, in a statement by the Public Affairs Unit of the ministry, said that full implementation of the policy had become necessary. The state government had in 2019 announced […]
The Manufacturers Association of Nigeria (MAN) has said that the implementation of the cashless policy on withdrawals may have a negative impact on Micro, Small, and Medium Enterprises (MSMEs) that are clearly the engine room for growth of the economy and employment generation. Expressing its concern over the possible implication of Central Bank of Nigeria […]