Emefiele to NASS: Don’t change the withdrawal restrictions

The new naira notes have already been given to various commercial banks, according to Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), and he anticipates that the banks would start giving them out to the general population soon.

This was revealed by Emefiele on Thursday after his meeting with President Buhari in Daura, Katsina State.

Remember that the National Assembly had previously criticized the Central Bank of Nigeria for announcing updated cash withdrawal limits with a maximum of N100,000 for individuals and N500,000 for businesses, stating that it might make the current economic situation worse.

However, in response to the National Assembly’s concerns and the public outcry on the cash withdrawal policy, Emefiele informed reporters that the restriction was not meant to harm anyone.

“And we believe that Nigeria, the largest economy in Africa, has to advance quickly toward a cashless society.

“We cannot keep allowing the situation where more than 85% of the money in circulation comes from sources other than banks.
“Countries that are embracing digitalization are becoming cashless in greater and greater numbers,” he stated.

He urged Nigerians to accept the new strategy by stating that there will be no rigidity and no backtracking.