President Muhammadu Buhari says the new cashless policy has short and long-term benefits for the country in dealing with insecurity and corruption.Information Guide Nigeria

President Buhari stated this when he received a briefing from members of the House of Representatives Ad-hoc Committee on cashless policy and Naira swap at the State House, Abuja, on Thursday.

This was contained in a statement by the President’s spokesman, Garba Shehu

According to the president, his speech earlier in the day was comprehensive enough and was adequate as a response to the general outcry about the problems associated with the currency exchange.

DAILY NIGERIAN reports that President described the aim of the policy as “very good, security-wise” as seen from the lessening of kidnappings and associated corrupt practices.NYSC portal

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Governor Emefiele of CBN as directed by the President, said that the cashless policy was a global policy.

“Nigeria must go cashless. It is a global policy, checking insecurity and fighting corruption.”

Emefiele revealed that senior officers at the CBN had all been sent out to take new currencies to unbanked rural populations.

According to him,  in an effort to resolve the prevailing problem, he had met 15 top banks earlier in the day in an effort to resolve.

Assuring Nigerians, he said: “we are at the end of the problem.”

”CBN will bring into circulation between N700-N800 billion, well in excess of what is needed to run the economy.”

As reported by DAILY NIGERIAN, Emefiele further stated: ”the CBN will not be a problem with elections, and they will hold successfully as far as the Bank is concerned.”JAMB Result

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