An Overview of Central Bank of Nigeria's Recent Cash Re-design and Cashless Economy Agenda

None Dr. Olariyike Damola Akintoye
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Abstract

Central Bank of Nigeria (CBN) announced on 26 October 2022 the re-design of three out of the eight banknotes in circulation. The move is geared towards entrenching the cashless economy agenda. According to CBN, over 85% of the currency in circulation is kept outside the vaults of commercial banks, and ransom-taking in Nigeria needs to be addressed urgently. This Paper attempts to look at this new policy from the lens of the law, using the doctrinal method of research methodology. The timing, which was very close to the general elections, was wrong, and the three months time frame given to people to swap old notes with new ones was too short. Also, CBN acted in contravention of the Money Laundering Act 2022. The Paper recommends that for the cashless policy to be successful, the e-payment system needs to be upgraded in Nigeria.
概述尼日利亚中央银行最近的现金重新设计和无现金经济议程
尼日利亚中央银行(CBN)于2022年10月26日宣布,将重新设计流通中的8种纸币中的3种。此举旨在巩固无现金经济议程。据CBN报道,超过85%的流通货币保存在商业银行的金库之外,尼日利亚的勒索问题需要紧急解决。本文试图运用研究方法论的理论方法,从法律的视角来审视这一新政策。在离议会选举很近的时间,这是错误的,而且给人们三个月的时间换旧换新也太短了。此外,CBN的行为违反了《2022年洗钱法》。澎湃新闻建议,为了使无现金政策取得成功,尼日利亚的电子支付系统需要升级。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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