Buhari: Security-wise, cashless policy is very good — kidnapping has reduced

President Muhammadu Buhari says the cashless policy is “very good” in terms of its positive impact on security.

In a statement on Thursday, Garba Shehu, presidential spokesperson, said Buhari spoke at the state house at a meeting with members of the house of representatives ad hoc committee on the naira redesign policy.

The development comes after Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), gave the assurance that the N200 old notes will be made available immediately, following an announcement by Buhari on an extension of the validity period for the old N200 notes.

The president was quoted as saying that the cashless policy has short and long-term benefits for the country to deal with insecurity and corruption.

Buhari described the aim of the policy as “very good, security-wise” as seen from the reduced spate of kidnappings and associated corrupt practices.

On his part, Emefiele said the cashless policy is a global policy.

“Nigeria must go cashless. It is a global policy, checking insecurity, and fighting corruption,” he was quoted as saying.

He added that senior officials at the CBN had been deployed, along with “super agents”, to take new notes to unbanked rural populations.

He expressed optimism that the concerns raised over the implementation of the policy, which he described as “temporary, passing”, will go away in no distant future.