Cash withdrawal limit: Emefiele’s clarification will excite Nigerians

Central Bank of Nigeria (CNB) governor, Mr Godwin Emefiele has given a clarification on the cash Withdrawal limit which is likely to excite Nigerians.

The CBN governor, made the clarification today while speaking with State House correspondents after a closed-door with President Muhammadu Buhari in Daura, Katsina State.

The Eagle reports that Emefiele’s action follows the Senate position faulting the bank’s policy of a maximum of N100, 000 cash withdrawal per week for individuals and N500,000 cash per week for corporate bodies saying the timing was not right.

The latest on the cash withdrawal limit is that the CBN governor has now promised that the bank would not be too rigid in implementing the policy.

He also said it was intended to strengthen the economy, and not to make things difficult for people, inferring that Nigerian could not afford to lag behind when more countries were now embracing digitisation.

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The bottom line was to implement a policy that would help the course of the nation’s economy, he explained.

“We can only continue to appeal to Nigerians to please see this policy the way we have presented it”, he said

Referring to the Senate intervention, he said:  “They are legislative arm of the government and from time to time we brief them about what is happening and about our policies and I’m aware that they have asked for some briefings and we will brief them.

“But I think it’s important for me to say that the cashless policy started in 2012.

“But almost three to four occasions we had to step down the policy because we felt that there is a need for us to prepare ourselves and deepen our payment system infrastructure in Nigeria.

“Between 2012 and now 2022, almost about 10 years, we believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial service transactions in Nigeria.

“We heard about people talk about some of the people in the rural areas and the truth is that even online banking; as I was coming out to Daura, I saw a kiosk that has super agent today.

“It’s because of the way we felt that there was a need for us to deepen the payment system infrastructure.

READ ALSO: Challenging Economic Situation In The Country—Nigerians Speak

“We have 1.4 million super agents that are all over different parts of the country, all local governments, and all villages in this country.

“We think, Nigeria as a big country, the biggest economy in Africa that we need to leapfrog into the cashless economy.

“We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank”, Emefield said.