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Online Transaction increased by 45% in January

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CEM REPORT, FINANCE | Nigerian performed electronic transactions worth N38.7 trillion in January 2023. This is a 45% increase year on year when compared to the N26.6 trillion recorded in the same period last year.

This is according to Nigeria Inter-Bank Settlement Systems (NIBSS).

The value recorded on the NIBSS Instant Payment (NIP) also represent a 55% increase year on year from 348 million in January 2022 to 541 million in January 2023.

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The increased figure can be attributed to the Central Bank of Nigeria (CBN) naira redesign policy which forced more Nigerians to go cashless towards the end of January as the first deadline for the old N200, N500, and N1,000 drew closer.

The recorded value is expected to increase especially with the naira scarcity experienced in February. The scarcity has pushed Nigerians to perform more payments via mobile transfers, PoS, and USSD, among others.

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According to the new policy which followed the redesigning of N1,000, N500, and N200 notes, effective from January 9, 2023, cash withdrawal by an individual is now limited to N500,000 a week, while corporate organizations have a N5 million withdrawal limit in a week.

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