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CBN allays fears of Nigerians on cashless policy, N.1m cash withdrawal 

*Says policy introduced since 2012

 

 

Chukwu David, Abuja

 

 

The Central Bank of Nigeria (CBN) Friday allayed the fears of Nigerians on the possible harmful effects of the proposed limited cash withdrawal of N100, 000 and N500, 000 per week, for individuals and corporate bodies respectively.

The apex bank also succeeded in convincing the Senate Committee on Banking, Insurance and Other Financial Institutions of the need to implement the proposed limited cash withdrawals.

This was as the Deputy Governor of CBN on Financial System Stability, Mrs Aishat Ahmad, disclosed that the policy was introduced in 2012 during former President Goodluck Jonathan’s administration and extended to Abuja and six other states in 2013.

Ahmad, who was recently nominated for re-appointment, made the disclosure during her screening alongside her counterpart on Corporate Services, Edward Lametek Adamu, by the Senate Committee on Banking, Insurance and Other Financial Institutions.

She argued that cashless policy being proposed for full implementation by the CBN was not new, noting that it was first introduced in 2012, with Lagos State being used as pilot case, with Abuja and six other states in 2013.

The nominee explained that though full implementation of the policy had not been carried out by the CBN since then, its introduction then had brought a lot of transformation in the banking and payment systems.

 

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