Cash Withdrawal Policy: CBN Briefs Reps, as Lawmakers Commends Initiative

By Paschal Emeka, Abuja

The Governor of Central Bank of Nigeria, CBN, Godwin Emefiele yesterday appeared before lawmakers in the House of Representatives to brief them on the rationale for the new policy on cash limit in the country, calling for support from all Nigerians.

CBN Governor who appeared before lawmakers in the House through his representative, Deputy Governor in charge of the Financial Stability Directorate, Aisha Ahmed, informed lawmakers that the policy is meant to ensure financial inclusion as well as create a robust financial institution for the country.

A lawmaker representing Ovia Federal Constituency in Edo State, Hon. Denis Idahosa who spoke during the CBN briefing commended the apex bank for the new cash policy initiative in the country.

Hon. Idahosa though repeatedly interrupted by many of his colleagues during the briefing, also informed that the new cash policy was meant to arrest and address financial recklessness, malpractices, and corruption in the system.

CBN during the briefing had clarified that the policy has no political undertone as the implementation is already yielding good results in the county.

The apex bank also disclosed that the policy is yielding good results, adding that it led to the evolution and explosion of the banking system in the country.

The new policy on cash withdrawal limit, the bank explained, has led to a contribution of 0.67 percent in the GDP, adding that charges and payments from the banks have been reviewed in recent times.

According to the bank, the policy has led to several economic recoveries even at the grassroots and in rural communities.

The bank while fielding questions from some lawmakers explained that it is collaborating with the National Orientation Agency, NOA, to ensure that more Nigerians including those in the rural communities are sensitized on the need to support the new policy.

Reacting to questions raised by another lawmaker on cases of fake currency, CBN disclosed that they are leaving no stone unturned to check and prevent such occurrences, maintaining that arrangement is already in place across the country to prevent faking of the newly redesigned currency notes.

Earlier, while responding to questions about monitoring and evaluation to arrive at positive feedback, CBN informed that they conduct surveys every month across all parts of the country and within markets, hence the positive evaluation from banks, and other financial operators that the policy is paying off.

On whether the policy will not create job loss, the bank maintained that such was never conceived and can never happen as it would rather create more jobs as well as additional incentives to all.

In his reaction, the Speaker of the House of Representatives, Hon. Femi Gbajabiamila commended the CBN Deputy Governor for coming to brief the House about the purpose and the intention to implement the new policy on cash withdrawal limits in the country.