The Central Bank of Nigeria has denied insinuation that the cashless policy of making Nigerians pay for deposit and withdrawal of cash was designed to disenfranchise local businesses.

CBN Governor, Godwin Emefele, made the denial while briefing journalists after the September monetary policy committee meeting held in Abuja, Friday.

According to the Apex bank Governor, the cashless policy is strategic as it is in public interest to increase transparency in financial dealings and reduce fraud.

Also speaking on the recent increase in the rate of value-added tax to 7.2%, Emefele explained that the increase was   the best option for the government to raise revenue for infrastructural development to improve the lives of the citizens

The bank again, retained the monetary policy rate at 13.5%, the cash reserve requirement at 22.5% and the liquidation ratio at 30% while the asymmetric corridor was left at +200-500 basis point around the MPR.