According to the Central Bank of Nigeria, when more of the new naira notes enter the economy in 2025, the use of cash payments would inevitably decline. This was stated by the apex bank in its Payments Vision 2025 report.
It stated that by 2025, the nation aimed to develop an effective electronic payment system infrastructure that would enable financial services across all economic sectors.
When the new naira notes were unveiled in Abuja, the apex bank stated that the amount of money that could be withdrawn from the counter would be severely limited.
Additionally, CBN Godwin Emefiele, the governor, emphasized that the deadline for exchanging old notes of January 31 would not be extended.