The cash withdrawal\u00a0\u00a0policy is sacrosanct and already has the buy-in of President Muhammadu Buhari, the Central Bank of Nigeria Governor, Mr. Godwin Emefiele declared Thursday in Daura, Katsina State.<\/p>\n
But the CBN may tinker with some areas regarding the volume of cash that can be withdrawn per day or week, according to Emefiele.<\/p>\n
His words: \u201cWe will be reviewing from time to time how this is working because I cannot say that we are going to be rigid.<\/p>\n
\u201cBut it is not to say that we will reverse it. 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 it).<\/p>\n
\u201cWe will do so because we are humans, we want to make sure that we make life good for our people. We do not want to make life difficult for them.<\/p>\n
\u201cSo, 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.\u201d<\/p>\n
At the hometown of the president where he went to brief the country’s chief executive, Emefiele said, reacting to concerns from federal lawmakers: \u201cFrom time to time we brief them (National Assembly) about what is happening and about our policies.<\/p>\n
\u201cI\u2019m aware that they have asked for some briefings and we will brief them, but I think it\u2019s important for me to say that the cashless policy started in 2012.<\/p>\n
\u201cAlmost three to four occasions we have had to step down the policy because we felt that there is a need for us to prepare ourselves and deepen our payment system infrastructure in Nigeria.<\/p>\n
\u201cBetween 2012 and now 2022, almost about 10 years, we believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial service transactions in Nigeria.<\/p>\n
\u201cWe heard people talk about some of the people in the rural areas and the truth is that even online banking, as I was coming out to Daura, I saw a kiosk that has super agent today.<\/p>\n
\u201cIt\u2019s because of the way we felt that there was a need for us to deepen the payment system infrastructure.<\/p>\n
\u201cWe have 1.4 million super agents that are all over different parts of the country, all local governments, and all villages in this country.<\/p>\n
\u201cI have told my colleagues, some of their names are already on the CBN website and we will publish all the names of all the super agents, which is different from the banks, which is different from microfinance banks, which is different from other financial institutions.<\/p>\n
\u201cHaving 1.4 million of them is as good as having 1.4 million banking points where people can conduct services and we think, Nigeria as a big country, the biggest economy in Africa, that we need to leapfrog into the cashless economy.<\/p>\n
\u201cWe 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.<\/p>\n
\u201cI said it at different fora, that this is not targeted at anybody, it\u2019s 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….”<\/p>\n
The CBN\u00a0on Tuesday unveiled a revised cash withdrawal limit with a maximum of N100,000 cash withdrawal per week for individuals and N500,000 cash per week for companies.<\/p>\n
Also affected are\u00a0 other payment channels, including Automated Teller Machines (ATM), Point of Sale (PoS) and cheque-based transactions.<\/p>\n
The maximum cash withdrawal through ATM is set at N100,000 per week, subject to a maximum of N20,000 cash withdrawal per day.<\/p>\n
The maximum cash withdrawal through the PoS terminal shall be N20,000 per day. Only denominations of N200 and below shall be loaded into the ATMs.<\/p>\n","protected":false},"excerpt":{"rendered":"
The cash withdrawal\u00a0\u00a0policy is sacrosanct and already has the buy-in of President Muhammadu Buhari, the Central Bank of Nigeria Governor, Mr. Godwin Emefiele declared Thursday in Daura, Katsina State. But the CBN may tinker with some areas regarding the volume of cash that can be withdrawn per day or week, according to Emefiele. His words: […]<\/p>\n","protected":false},"author":7,"featured_media":41932,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[5334,118,5335],"class_list":["post-61081","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","tag-cash-policy","tag-cbn","tag-tinker"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/61081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61081"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/61081\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}