Emefiele Says President Approves His Cashless Policy, CBN Takes Over N500bn Old Notes Into Vaults
The Governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele has said that the recently introduced policy on cash withdrawal limit was not meant to hurt anybody but to strengthen the nation’s economy and to further deepened the nation’s payment system infrastructure in Nigeria.
It would be recalled that the CBN had on Tuesday unveiled a revised cash withdrawal limit with a maximum of N100,000 cash withdrawal per week for individuals and N500,000 cash per week for companies, but the Senate faulted apex bank on the implications and timing of the policy by the Central bank, arguing that it might worsen the tight economic environment while stakeholders expressed worries about the possibility of implementing hitch-free cash withdrawal limits in communities with ‘blind spots or poor network connectivity.’
Speaking to Newsmen on Thursday in Daura after his meeting with President Muhammadu Buhari, the CBN governor explained that many countries that are embracing digitization have gone into cashless adding that it will be better for Nigeria to embrace it having waited for over 10 years for the commencement of the policy.
Emefiele who said he visited Daura to brief the President on happenings in the Central Bank said the President welcome the policy noting that the cashless policy started 2012 but was stepped down to allow the country prepare for it and the time is now as lots of electronics channels have been put in place to enable banking and financial service transactions in Nigeria,
