NO RIGIDITY ON WITHDRAWAL LIMIT, POLICY REMAINS-CBN

 




By Esther Onuigbo


The Central Bank of Nigeria, CBN has assured Nigerians it will not be rigid on the issue of cash withdrawal limited but will not abolish the policy since it is not intended to inflict pains or pressure on Nigerians.

Whilst speaking with news men on Thursday after his visit to President Buhari in his hometown, Daura, Katsina State, the Central Bank Governor, Godwin Emefiele confirmed that the president is strongly behind the policy on cash withdrawal limit and other measures recently enaunciated by the CBN and had encouraged it not to worry about uproars generated by the policy.

Emiefele stated that, from time to time, the withdrawal limit would be reviewed to see how it works since there will be no rigidity. He emphasized that there will be no reversal of the policy stressing that the policy is not intended to punish Nigerians but to strengthen the system, " there is no need for anyone to worry, the CBN is monitoring what is happening, and I am assuring everyone that we are alive to our responsibility and we will do what is right for Nigeria and Nigerians, he added.

 Nigeria’s apex bank had on Tuesday stipulated cash withdrawal limit at a maximum of one hundred thousand naira (N100,000) and five hundred thousand naira (N500,000) per week for individual and companies respectively. This policy has undoubtedly, raised so much concerns from different segments of the society.

Also, Emefiele announced that the commencement of the distribution of the newly redesigned Naira notes would soon commence as the apex bank has pushed the new notes to commercial banks.

 Meanwhile, regarding the objection on the withdrawal limit, the CBN governor said, "well, the senate of the federal republic is the legislative arm of the government and from time to time we will brief them about what is happening and about our policies and am aware that they have asked for some briefing and we will brief them, but I think it is important for me to say that the cashless policy started in 2012 and for like three to four occasions, we had to step down the policy because we felt that there is need for us to prepare ourselves and deepen our payment system infrastructure in Nigeria.

Emefiele maintained that Nigeria cannot continue to allow a situation whereby over 85 per cent of the cash in circulation is outside the bank as more and more countries that are embracing digitization have embraced the cashless policy. ‘’ Nigeria as s big country; the biggest country in Africa, needs to leapfrog into the cashless economy, he concluded.

 

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