The Federal Government is considering bringing back a stricter cashless policy as part of efforts to tackle the growing threat of kidnapping and other crimes across Nigeria.
According to security sources, the proposal is being reviewed alongside ongoing military and intelligence operations aimed at weakening kidnapping groups and cutting off the channels through which they receive money.
Officials involved in security matters told Leadership Newspaper that reducing the use of cash could make it harder for kidnappers to collect ransom payments without being detected.
They said many criminal groups rely on cash because it leaves little or no financial trail, making it difficult for authorities to trace transactions and identify those involved.
Sources within the security sector said ransom payments made through formal financial systems are easier to monitor and investigate.
As a result, a stronger cashless system could help law enforcement agencies track suspicious transactions and gather useful intelligence on criminal networks.
Security analyst Iyke Odife described kidnapping for ransom as one of the country’s biggest security concerns.
He noted that victims now come from different parts of society, including farmers, students, travellers, traditional rulers and residents of rural communities.
Odife said the widespread use of cash in the economy has continued to give criminals an opportunity to receive and move ransom money without attracting attention.
He added that limiting cash transactions could make it more difficult for such groups to operate freely.
