Coronavirus: CBN Urge Nigerians to go Cashless as Preventive Measure

In view of the prevalent fears of the Coronavirus outbreak, the Central Bank of Nigeria (CBN) has advised Nigerians to go cashless and to follow alternative payment methods, such as electronic transfers, to avoid the spread of the virus.

CBN Director of Corporate Communications, Mr Isaac Okoroafor, gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos on Tuesday.

He clarified that the way people contract the disease was by touching an infected surface or object and then touching one’s mouth, nose or sensitive body parts. Considering this he stated it was safer for Nigerians to adopt alternative payment methods such as electronic transfers, internet banking, USSD transfers, use of mobile banking apps, and other to avoid contracting or spreading the disease.Okoroafor noted that these alternative payment methods came with benefits, were well developed and worked well.

He said: ”Its efficiency has minimised liquidity, settlement, systemic credit and operational risks which were inherent in financial transactions. It is secured, reliable, accessible, prompt and cost effective to meet all users’ needs. Nigerians should use it.’’

He reiterated that the coronavirus can be combated by Nigeria going cashless, observing that the Naira note is one surface with which different people come into contact daily, and recommended that it would also be wise for users to wash hands after handling money, before touching food.

The CBN’s spokesperson reiterated the need for Nigerians to handle the Naira with care and pride, describing it as a symbol of our identity and value. He warned Nigerians against stepping on, squeezing, defacing or staining the naira notes. Okoroafor also warned that it should not be sold or counterfeited.

CBN’s cashless policy was revealed in September 2019 through a circular released by the apex bank, which is set to begin full implementation on 1 April 2020.

The cashless policy includes additional charges for customers whose deposits or withdrawals surpass the limits set by that Apex bank.