Cash-Less Nigeria Project Overview

Cash-Less Nigeria Policy is aimed at reducing the high and increasing cost of cash estimated to reach N192 billion in 2012 Direct cost of cash to Financial system (2009) A 5-year projection of the direct cost of cash to Financial System Cash in Transit Cost (24%) N-27.3bn Cost of Cash (CBN + Banks) Cash Processing Cost (67%) N69.1bn A114.5bn Vault Management Cost (9%) N18.1bn* Annual Total Cost (NB) 250,000 200,000 150,000 100,000 50,000 2008 2009 2010 2011 2012 A compilation of actual data from the CBN and 17 banks in the FSI (data extrapolated for 24 Banks). *Does not include bank cash infrastructure costs and employee costs attributable to cash logistics. Source: Central Bank of Nigeria NIBIT

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