In a bid to fast track the transition from a cash to cashless economy, the Central Bank of Nigeria (CBN) recently announced a new policy on cash withdrawal limits which may have a profound effect on banking operations. Ikechukwu Eze and Alexander Chiejina x-ray this development and the challenges which may bog it down Kelechi Anaeke, Director, Kelly Computers owns a shop at the popular ‘Computer Village’ located at Ikeja, Lagos. Anaeke deals in all kinds of computer accessories, and supplies laptops as well as other telecommunication gadgets to clients from within and outside the state. His business is worth over a million naira, and is essentially cash-based. Like him, Rose Okoh, a baker, owns a shop at Oshodi, Lagos. Her business is worth several thousands of naira. But unlike Okafor who maintains a personal savings account with one of the banks at Ikeja, Okoh did not have any account until last month when a bank marketer convinced her on the ...
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