Cleric counsels Lagos Muslim community on CBN's cashless policy

Muslim community in Lagos State has been asked to support the Cashless Policy recently introduced by the Central Bank of Nigeria (CBN).Giving the advice at a Breakfast'in-the-Mosque Programme organised by the Muslim Community of the Lagos State House of Assembly, Mr Maroof Tijani, said the policy introduced by the CBN was to reduce armed robbery attacks as well as make the naira more attractive.'Our currency is very dirty compared to others in the developed world. This policy was informed to reduce crime rate in the society and the money spent to print our naira by the CBN is too high.'On the account application, the Islamic scholar said the cash- policy applied to all accounts, including collection accounts, urging banks to work with their corporate customers to arrange for suitable e- collection options.In his contributions, a banker from a commercial bank who also attended the programme, Mr. Farouk Ibrahim, noted that the limits are cumulative daily each for individuals, the daily free withdrawal limit is N150,000, while the daily free deposit limit is N150,000.He said anybody who withdrew above the stipulated amount will attract sanction of 10 per cent for individual and 15 per cent for cooperate organisations.He said 'transactions initiated out of Lagos State , and affecting a Lagos based account shall not be counted part of the daily cumulative amount on that account since the policy has not been activated outside Lagos.The Breakfast ' in ' the- Mosque is a bi-monthly programme for all Muslims in the Lagos State House of Assembly to interact and educate Muslim brothers and sisters on burning issues.
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