Abstract
This paper analyses critically to the very beginning, the introduction of cashless policy in banking business in Nigeria. The cashless system has become necessary to promote the use of electronic means of transaction towards making Nigeria a cashless economy in the nearest future, where clumsy and expensive-tohandle coins and notes are replaced by efficient electronic payments system. It discusses how the new policy directs banks to cease cash-in-transit lodgment services hitherto rendered to merchant customers. The banks are to engage the services of the Central Bank of Nigeria (CBN) licensed cash-in-transit ( CIT) companies to aid cash movements to and from their banks at mutually agreed terms. The CBN has stipulated appropriate sanction against banks that flout the ban on cash-in-transit lodgment services.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
