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CBN: Embrace Alternative Means of Payment.

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Following the coronavirus virus outbreak in Nigeria with the number of infected persons increasing to 97 according to National Center for Disease Control, NCDC.

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The Central Bank of Nigeria, through it’s twitter handle encouraged Nigerians to embrace alternative means of payment which does not involve the use of cash–paper money.

The apex bank of Nigeria recently released policy supporting the crashing economy following the coronavirus outbreak. This policy do not specify the use of alternative means of payment to avoid the spread of coronavirus pandemic.

Unlike Kenya, the president, Uhuru Kenyatta had encouraged Kenyans to use digital money after recording the second case of coronavirus pandemic in the country.

The CBN encouraging Nigerians to use embrace alternative means of payment still supports it’s cashless policy initiative coming into effect starting from April 1, 2020. 

Moreover, by alternative payment, it has also signaled a possible support for the use of digital currency or a central bank digital currency (CBDC).

The tweet reads, “Embrace Alternative means of Payment. #CBN #Cashless.#Paymentoptions”

Hive god, one of the twitter users following the CBN twitter handle replied with a crypto campaign tweet, “It’s time you embrace cryptocurrency.”

Nigeria is currently the largest economy in Africa and is effectively fighting the effects of the coronavirus outbreak both in the economic and healthcare sectors with its stimulus package.


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