The Central Bank of Nigeria’s Governor, Godwin Emefiele, has said that the apex bank would consider tweaking the new weekly cash withdrawal limits of N100,000 and N500,000 for individuals and corporate bank customers.
Emefiele, who addressed State House correspondents after meeting behind closed-doors with President Muhammadu Buhari in Daura, Katsina State, assured that the apex bank would not be rigid on the policy as it was not meant to cause harm but to strengthen the nation’s economy.
Emefiele also hinted that over N1 trillion worth of old notes had been deposited by bank customers, adding that the CBN has distributed the new N200, N500, and N1,000 notes to banks for disbursement to their customers, ahead of the December 15, earlier scheduled for circulation of the new notes.
On Tuesday, CBN 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 corporate bodies.
Responding to the reactions to the new limits, Emefiele explained that more and more countries embracing digitization have gone cashless and that the policy was not targeted at anybody,
Emefiele, who said he visited Daura to greet Mr. President and brief him on what was happening in the CBN and the economy, revealed that President Buhari “Was happy and said, we should carry on with our work, no need to fear, no need to bother about anybody.”
He said that the new policy of the apex bank was for the good and development of the Nigerian economy, adding, “We can only continue to appeal to Nigerians to please see this policy the way we have presented it.”
