The CBN Governor in the person of Godwin Emefiele
The Financial specialists have inspected the Central Bank of Nigeria’s put-forward cash withdrawal restriction approach for individuals and corporates.
This was stated in an interview with the News personnel of Nigeria today Wednesday in Lagos state.
One agency in Nigeria which is NAN declares that the specialists communicated against the assertion of the Governor of CBN, Emefiele’s comment that government would not be tough in the execution of the cashless approach.
Godwin Emefiele, who conversed with the news personnel in Daura, Katsina State, after briefing the President, Muhammadu Buhari, enunciate the policy would be reviewed occasionally to acclimate the concerns of the citizen.
Uju Ogubunka, the Ex Executive Secretary, of the Chartered Institute of Bankers of Nigeria told the apex bank proposing to reexamine the approach was a good action.
“Proposing to review the withdrawal policy is the best because it’s not practicable due to today’s economic realities.
“What can N20,000 buy in today’s Nigeria considering the steady rise in inflation rate in recent times?” asked, Ogubunka
Ogubunka presses on asserting that the Federal Government should be more worried and concerned with implanting in key infrastructure that would expedite the growth of the cashless approach and depth financial inclusion.
He stressed further that such investment should be in undeveloped or remote where the internet penetration was not strong with rarer sophisticated phones to carry out such dealings.
He continues his speech by saying
“The redesigned notes policy is quite commendable as the naira is freely losing its value to other currencies.
“We expect the currency to over time begin to gain some value, as the apex bank is firmly in control and the level of arbitrage will abate,” he stated.
In allusion to Him, he reported that the redesigned notes could be managed in ways that people engaged in scandalous acts would not find it easy to continue without being brought to book.
The apex on the 6th of December put a limit on cash withdrawals made by individuals and organizations. NAN reported.
The Central Bank of Nigeria, in the memo introducing the approach, declared that third-party cheques above N50,000 would no longer be qualified for Over-The-Counter payment, while extant
restrictions of N10 million on clearing cheques remained constant.
It had been required that the banks should only load N200 and lower denominations into their Automated Teller Machines (ATM )and prohibited withdrawal to N20,000 daily from the ATMs. Withdrawals from Point of Sales (POS)terminals were also limited to N20,000 per day.
As stated by the concerned person the approach will kick off on the 9th of January, 2023.
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