No going back on back on cash withdrawal policy-Emefiele

Despite controversies surrounding the Central Bank of Nigeria’s latest policy which limits daily cash withdrawals, governor of the Central Bank of Nigeria, Godwin Emefiele is insisting that there is no going back.

While responding to concerns from National Assembly over the policy, Mr Emefiele said the withdrawal limits will be reviewed upwards with time. He also explained that Nigerian economy is able to go cashless as the federal government had sufficiently invested in the required payment system to make the transition simplest.

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Under the new policy, the CBN restricted the maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000, respectively.

The CBN Governor added that the cashless policy which started in 2012 was stepped down for three to four times to deepen Nigeria’s payment system infrastructure in the country.

Emefiele further said the policy was not targeted at specific persons or groups.

The CBN boss also said N1 trillion of existing denominations of the currency has been received by the banking system.

He added that many nations of the world were adopting digitisation and going cashless.