The Central Bank of Nigeria (CBN) has introduced a new payment system called Real-Time Gross settlement (RTGS) system as part of efforts to implement Payment System Vision (PSV)2020 strategy.
Mr Tunde Lemo, CBN Deputy Governor (Operations), made this known while briefing newsmen on Thursday in Abuja.
Lemo, who is expected to proceed on retirement on January 11, said that CBN put live operations to the new system on December 16, 2013.
He said that the new RTGS was integrated with Scrip less Security Settlement System (SSSS) and would replace the old payment system in use since seven years ago.
“The SSSS, on the other hand, is a new initiative to issue, manage and settle government and other money market securities processed as electronic records in a Central Securities Depository (CSD) system.”
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