No Going Back On Withdrawal Limit But…. CBN Governor, Emefiele | READ IN FULL
No Going Back On Withdrawal Limit But…. CBN Governor, Emefiele | READ IN FULL
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has insisted that the cashless policy introduced into the country would not be reversed.
Emefiele also said the new cash withdrawal policy stands and would be reviewed from time to time to make changes if necessary.
The CBN Governor while fielding questions from newsmen after a closed door meeting with President Muhammadu Buhari in Daura, Katsina state on Thursday, said the new withdrawal limit is not aimed at making life difficult for Nigerians, adding that the president has given approval as the move would strengthen the country’s economy.
In Emefiele’s words;
“The president was very happy and said we should carry on our work, no need to fear, no need to bother about anybody.”
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid”
“But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them.
“We will do so because we are humans, we want to make sure that we are making life good for our people. We do not want to make life difficult for them.
“So, there is no need for anybody to worry, the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians.
“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 percent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitisation have gone cashless.”
“I said it at different fora, that this is not targeted at anybody, it’s just meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it”.
According to Emefiele, the redesigned notes have been dispatched to banks ahead of the December 15, 2022 date for circulation.
“I can only just assure you that it will go round, let us just be calm, luckily the old currency continued to be legal tender till January 31, 2023.
“So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful to you again, so please take it to your bank as quickly as possible” he added.
