Nigeria’s Cash Payment System Due For Disruption – CBN – – The Tide

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The Central Bank of Nigeria (CBN) has said the country’s cash payment system is overripe for disruption, urging Nigerians to embrace going cashless.
Noting that despite progress in creating robust payment system through several reforms targeted at growing the system, cash has remained a competition and is much overripe for disruption.
“Thus, as a nation, we must embrace a cashless economy, encourage the provision of platforms to enable seamless transactions to boost business expansion where cash is efficiently disrupted”, the CBN said.
The Nigeria payment industry has continued to introduce initiatives geared towards creating convenient ways of making payments and extending electronic payment benefits to Nigerians even at the bottom of the pyramid where usage of cash has been predominant.
The apex bank along with the Bankers Committee, the Nigeria Inter Bank Settlement System (NIBSS) and other payment industry players have enhanced the Nigerian payment systems by continuously providing solutions to increase the resilience of infrastructure to encourage the usage of electronic payment methods across the nation.
With NIBSS providing efficient integration process for financial institutions to leverage APIs, NQR delivers instant value for P2B, P2P and B2B transactions with a more improved customer experience.
This payment option has empowered bank customers who own smartphones to easily access information provided by merchants for the purpose of making payments.
Globally, research had shown a major shift to contactless payment options with a number of countries like China, India, Thailand, Ghana, Singapore, Malaysia pioneering solutions with Quick Response Code.
To bridge the gap within Nigeria’s fast-evolving payment landscape, Nigeria has not been left out with the introduction of a National Quick Response Code (NQR), an initiative of the CBN and driven by NIBSS.
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Former Chairman of Nigeria Institution of Estate Surveyors and Valuers, Lagos State Chapter, Dotun Bamigbola, has added his voice to the call that states can shore up their lnternally Generated Revenue (IGR).
Speaking in an interview with The Tide’s source, he advised that any state venturing into it must sit down and plan the modalities as there are many diverse channels to achieve this.
“From the title registration to annual property taxes, which include the tenement rates in some places to other forms of property taxes.
“These taxes have to be defined and professionals in the real estate sector, such as estate surveyors and valuers who are the land economists, can assist the government to identify them based on the peculiarities of each state”, he said.
He said the surveyors who can be engaged in the exercise must be engaged in the civil service system to operate it, and as consultants.
“A good example is what is happening in Lagos  and Ogun States. Real estate related IGR, particularly from Lands Bureau, is the second highest revenue source in Lagos for instance”, he said.
The Central Bank of Nigeria (CBN) has launched a countdown clock on its website for the January 31, 2023 deadline for the N200, N500 and N1,000 notes currently in circulation.
Recall that CBN had announced a Naira redesign policy to produce new notes for three of the naira denominations in circulation: N200, N500 and N1,000 notes.
The CBN had set December 15, 2022, as the official start day for the circulation of the new naira notes.
It said the notes currently in circulation would remain legal tender alongside the new notes from December 15, 2022 to January 31, 2023.
The apex bank said the old notes would cease to be legal tender from the January 31, 2023 deadline.
The Central Bank had advised Nigerians to deposit the denominations to be redesigned to their various banks, saying that banks would be open for operations from Monday to Saturday weekly.
It also said it had suspended bank charges on deposit for the period, adding that there was no limit to the amount that could be deposited at a time.
The CBN Governor, Godwin Emefiele, had said there was hoarding of naira notes by members of the public, adding that statistics showed that over 80 per cent of the currency in circulation was outside the vaults of the commercial banks.
He described as unacceptable the current situation – of September 2022 – in which a total of N3.2 trillion was in circulation, out of which N2.73 trillion was outside the vaults of the banks.
The Tide’s source reports that the naira redesign policy of the CBN got the nod of the Nigerian Senate last week with a resolution to provide legislative support for the policy, while insisting of providing an oversight for the policy.
The average price of 5kg cooking gas rose by 0.21 per cent from N4,474.48 in September to N4,483.75 in October.
The increased price is contained in the National Bureau of Statistics ‘Cooking Gas Price Watch’ for October, 2022 issued on Monday in Abuja.
It stated that on a year-on-year basis, the increase was 70.62 per cent from N2,627.94 in October 2021 to N4,483.75 in October 2022.
On state profile analysis, the report shows that Kwara State recorded the highest average price at N4,955 for 5kg of cooking gas, followed by Niger State at N4,950 and Adamawa State at N4,940.29.
It states that Abia recorded the lowest price at N4,045.45, followed by Kano State and Delta State at N4,100 and N4,139.29, respectively.
An analysis by geopolitical zones shows that the North-Central recorded the highest average retail price at N4,726.07 for 5kg cooking gas, followed by the North-East at N4,577.86.
“The South-South recorded the lowest average retail price at N4,275.92,’’ the NBS stated.
The report showed that the average retail price of 12.5kg cooking gas increased from N9,906.44 in September to N10,050.53 in October, indicating a 1.45 percent increase on a month-on-month basis.
“On a year-on-year basis, this showed an increase of 51.4 percent from N6,638.27 in October 2021 to N10,050.53 in October 2022,’’ it added.
On state profile analysis, the report showed that Cross River State recorded the highest average retail price at N10,986.11 for 12.5kg cooking gas, followed by Oyo State at N10,826.56 and Kogi State at N10,783.33.
It said the lowest average price was recorded in Yobe State at N8,533.33, followed by Sokoto and Katsina State at N9,100.00 and N9,202.86, respectively.
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