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‘Cashless policy not meant to impoverish Nigerians’


The Central Bank of Nigeria (CBN) has maintained that the implementation of the cashless policy will not impoverish small businesses and Nigerians as it is being insinuated in some quarters.
Director of Corporate Affairs, Isaac Okarafor, stated this yesterday at CBN’s Special Day in the ongoing Abuja International Trade Fair.

Okarafor, who was represented by Deputy Director, Corporate Affairs Department Victoria Aqua, said the CBN would always support small and medium enterprises (SMEs), which explains why it created 29 intervention programmes for farmers, women, youths and others.
The assurance came as the Nigeria Deposit Insurance Corporation (NDIC) disclosed that it has begun payment to depositors whose funds were trapped in 154 microfinance banks last year and six primary mortgage institutions.
Managing Director, Ibrahim Umaru, made this known at the fair during NDIC’s Special Day.


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