Within the last six months, there has been turn in the Nigerian legal tender system with the limit on cash that can be withdrawn daily. Aside that, early before that the CBN made decision to redesign N1,000, N500 and N200 and to cap it all, there has been limit on cash withdrawal on daily basis. On a precised statement, the amount of cash that can be withdrawn daily by every individual who owns a bank account with commercial banks is liable to withdraw N20,000 daily.
Because of the new withdrawal policy, people have now shifted their attention towards using internet banking as another option to transact for the payment of goods and services. Since the exercise has started, it has increased the percentage on number of people using internet banking currently to 230%. Talking about the mobile gateway that was used last year, the numbers have increased from 32 millions time to 102 millions time. Considering the differences, the differences between the two numbers above is a wide one from 32 millions to 102 millions time on gateway transaction.
The growth on the development of Internet banking to transact has increased drastically. Even to the extent at which people that sell petty things have now in one way or the other opened an account with one commercial Bank or online banking like opay, moniepoint, palmpay and so on. Currently, the cash in circulation in Nigeria economy transaction system has reduced.