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Policy and Regulations

FG bans cash payments, mandates digital revenue collection from 2026

The Federal Government is set to implement a full cashless policy for the collection of its revenues, effectively banning cash payments, beginning January 1, 2026. This mandatory reform requires strict cashless collection and involves the introduction of a new mandatory e-receipt system and the full-scale rollout of the Revenue Optimisation Platform. A document released today […]

A photo of President Buhari and the redesigned note
Business

New Naira: Farmers beg FG for compensation over loss

The All Farmers Association of Nigeria has requested that the Federal Government provide compensation to farmers for the losses they incurred during the introduction of the Central Bank of Nigeria’s naira redesign policy and the ensuing cash shortage. According to The News Agency of Nigeria, the farmers made this request while assessing the policy’s impact […]

Remita CEO
Business featured

Infrastructure upgrade will support cashless policy – Remita

The Managing Director of Remita Payment Services Limited, Deremi Atanda, has stressed the need for quality infrastructure upgrade to support the growth of digital payments in Nigeria. This was during the first edition of the SystemSpecs Tech Innovation Webinar Series held in partnership with FintechNGR, accessed by The Punch. The event, themed ‘Cashless policy: Sustaining […]

Naira redesign: Emefiele apologies for failed cashless policy
News

Naira redesign: Emefiele apologies for failed cashless policy

    The Governor of the Central Bank of Nigeria, Godwin Emefiele, has apologized for the failed electronic banking transactions which many Nigerians have been subjected to in recent months. According to Channels, Emefiele during a two-day monetary policy committee meeting in Abuja on Tuesday, promised Nigerians that the issues regarding electronic transactions will soon […]

The old 500 and 1000 naira noted
Business

Naira scarcity: Cashless transactions drop to N37.67tn

Cashless transactions which is also referred to as online transaction fell to N37.67tn in February 2023 because of delayed and failed money transfers. The new data accessed from the Nigeria Inter-Bank Settlement System on Monday by The Punch revealed it was a 4.83 per cent fall from the N39.58tn recorded in January. Despite the fact […]

Grain Traders. Credits: Miller Mag
Business

No cash, no grain, Abuja traders reject e-payment

Federal Capital Territory grain traders in Abuare market were reportedly found rejecting electronic transactions from customers, despite the cashless policy of the Central Bank of Nigeria. According to an observation by the News Agency of Nigeria, the traders in Nyanya, Karu, Mararaba and Masaka Markets were not accepting bank transfers or any other electronic transactions. […]

Court Symbol of Justice
Business

New naira: Supreme Court passes verdict on Friday

Supreme Court is said to pass its verdict today (Friday) on a suit instituted by some state governments against the Federal Government on the Naira re-design and cashless policy. This publication recalls that the Supreme Court’s seven-man panel of Justices led by Justice John Inyang Okoro had on Wednesday, February 22 adjourned the case of […]

A Point of Sale machine
Business

Cashless policy: How to get PoS devices for your business

PosThe recent naira crisis experienced as a result of the redesign of the N200, N500, N1000 notes by the Central Bank of Nigeria has forced many Nigerians into cashless transactions. According to the Central Bank of Nigeria’s Governor, Godwin Emefiele, one of the reasons for this decision includes the hoarding of cash by the populace, […]

Buhari unveils SDG financing framework
Economy featured

Buhari justifies cashless economy policy

The President, Major General Muhammadu Buhari (retd.), has reiterated the need for a cashless economy in Nigeria. According to The Nation, Buhari said this in Lagos, on Tuesday, at the luncheon and official unveiling of the National Institute of Credit Administration Act. He stated that a cashless economy remains one of the enduring legacies any […]

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