.As Reps demand immediate reversal of policy
The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, said the new cash withdrawal policy many be subject to review following necessary assessment.
Emefiele made the declaration while speaking with journalists after a visit to President Muhammadu Buhari in his country home in Daura, Katsina State.
He however reiterated that there is no going back on the policy, as many nations are embracing the cashless policy, which was introduced in Nigeria since 2012.
He said: “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 tweaking 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% of the cash that is in circulation is outside the bank. More and more countries that are embracing digitisation have gone cashless.”
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.
National Assembly reaction
Reacting to dissenting voices from the National Assembly and the public over the cash withdrawal policy, the CBN Governor told journalists that the limitation was not intended to hurt anyone.
Besides, he said the President was “very happy and said we should carry on our work, no need to fear, no need to bother about anybody.”
He argued that the cashless policy is intended to strengthen the nation’s economy, and appealed to Nigerians to embrace the policy.
“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.
“We have taken more than half a trillion and in the bank we also have close to half a trillion. But what we have done in the Central Bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible and from there, banks can now move what they have with them.”
Emefeile urged Nigerians not to panic about accessing the new naira notes, saying that banks have started dispensing the new cash which reached their various offices on Wednesday to their customers.
“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 and unpainted 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 said.
Reps demand
The House of Representatives, yesterday, instructed the CBN to immediately suspend the execution of its newly announced cash withdrawal limit policy.
The directive was issued during plenary, in response to a motion under matters of urgent public importance moved by Magaji Dau Aliyu.
The CBN Governor, Godwin Emefiele, was also ordered to appear before the House by the Speaker, Femi Gbajabiamila.
The apex bank’s monetary policies will be suspended indefinitely pending the conclusion of the anticipated engagement with the House over compliance with the pertinent provisions of the CBN Act and the 1999 Constitution.
Many other lawmakers vehemently opposed the CBN’s decision, except for the minority leader, Ndudi Elumelu, who supported the policy, arguing that it will reduce the incidence of corruption and curtail banditry.
A point of order was raised by Mark Gbillah in the middle of the proceedings, reminding the House that the CBN Governor was required to brief the National Assembly on its monetary policy on a regular basis in accordance with the CBN Act and the 1999 Constitution.
He stressed that the lawmakers have not consented to such cash limits, adding that the CBN has not explained to Nigerians how the redesign of the naira was paid for.
