Emefiele to NASS: No going back on withdrawal limits

Emefiele to NASS: No going back on withdrawal limits

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Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), says the new naira notes have proactively been disbursed to the different commercial banks and expects that the banks would start distribution to the general public.

Emefiele unveiled this on Thursday following his visit to President Muhammadu Buhari in Daura, Katsina State.

Recall that the National Assembly had before blamed the CBN’s uncovering of revised cash withdrawal limits with a maximum of N100,000 for individuals and N500,000 for companies, claiming that it could deteriorate the current economic situation.

Yet, while responding to the objections from the National Assembly and the public outcry over the cash withdrawal policy, Emefiele let newsmen know that the restriction was not expected to hurt anybody.

“And we think Nigeria, as the biggest economy in Africa, needs 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. More and more countries that are embracing digitisation have gone cashless,” he said.

He added that there would be no rigidity on the policy and no reversal, pleading to Nigerians to embrace the new policy.

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