Customs sabotaging drive for cashless society, says CBN

Efforts of the Federal Government through the Central Bank of Nigeria (CBN) to institutionalise a cashless society and reduce the huge sum of money spent on cash management by the apex bank is being frustrated by the 'recalcitrant' attitude of officials of the Nigeria Customs Service (NCS), Tunde Lemo, Deputy Director, Banking Operations, CBN, has said.According to figures from the Nigeria Interbank Settlement System (NIBSS), it costs the CBN and other banks in the country over N100 billion annually to manage and process cash transactions in the country.Lemo, who spoke yesterday in Lagos at the annual lecture organised by Committee of e-Banking Industry Heads (eBIHs) at Oriental Hotel, Lekki, lamented that that officials of the NCS were withholding the clearance of some 40,000 point of sales (POS) machines ordered by the banks with the support of the CBN.
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