Business
No going back on new charges for cash transactions —Emefiele
The Central Bank of Nigeria (CBN) has said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.
Godwin Emefiele, CBN Governor, made this comment while briefing journalists shortly after the Monetary Policy Committee (MPC) meeting on Friday.
While many Nigerians have expressed concerns about the CBN charges on cash deposits, Emefiele said that the charges were necessary for the Nigerian economy to compete effectively with those of developed countries.
He said contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to ten per of bank customers would be affected.
READ ALSO: CBN retains interest rate at 13.15 per cent
The CBN had earlier clarified that the freshly imposed charges on cash deposit and withdrawal would be carried out only on the excess of the set limit.
Recall that the House of Representatives had on Thursday asked the CBN to suspend the implementation of the policy which took effect on Wednesday, 18th September, 2019, until appropriate and extensive consultative process was concluded.
The Reps had also resolved to “ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time, considering the prevailing economic situation of the country and to report back to the House within four weeks.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...