Central Banking

Nigeria plans payment system reforms

The Central Bank of Nigeria (CBN) has said its major priority following the consolidation of the banking industry is to reform the payments system which currently remains largely cash-based.

As well as this, the CBN also said it is establishing a Real Time Gross Settlement (RTGS) system for large value payments which is expected to go live before the end of 2005.

CBN Governor Charles Soludo, while inaugurating the National Payments System Committee (NPSC) in Abuja Monday said the obvious conseq