Tuesday, April 03, 2012

Cashless Lagos

Now that the cash-transaction limits are operating in Lagos, folks are adapting.  According to the Central Bank, the "cashless" policy was originated for the good of customers and of the banking system, and is being tested out in Lagos first.
However, BusinessDay reports that "customers [have] embarked on counter-measures through opening of multiple accounts...banks and their customers are in a battle of wits to outsmart each other on the impact of the penalty." 

I just had to steal this cartoon:

References: cbn.gov.ng/cashless , BusinessDay and cashlesslagos.org

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