Financial experts have advised the Central Bank of Nigeria (CBN) to strengthen campaigns on its policy cash less economy in both urban and rural areas. The financial experts said in Lagos on Thursday that people had not been fully informed of the policy that is scheduled to take effect from next year.

The CBN, had earlier in the year, announced a policy of cash less economy which  pegged daily cash withdrawal limits for individuals at N150, 000 and N1 million for corporate bodies.

The policy, which is to encourage electronic transactions, is to take effect under a pilot basis in Lagos in December this year. Mr Harrison Owoh, the Managing Director of HJ Trust and Investment Ltd., said that economy was not ready for the policy because the apex bank had not done enough in terms of awareness creation. Owoh said that many residents in Lagos had not been informed of what “cash less economy” entailed much less of people in the rural areas.