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Speaking amid uproar particularly from the National Assembly over the new cash withdrawal policy, Emefiele told correspondents after a meeting with the president that the policy on cash withdrawal limit is not intended to hurt anybody but to strengthen the nation’s economy.
He added that the president “said we should carry on our work. No need to fear, no need to bother about anybody.”
Emefiele assured that the bank will not be rigid in implementing the policy but will revise it from time to time.
Recall that the CBN had issued the policy which placed cash withdrawal limit at maximum of N100,000 per week for individuals and N500,000 cash per week for companies among others.
The CBN governor, who said he was in Daura to brief the president on happenings in the economy, pointed out that more and more countries are embracing digitization and have gone cashless.
He said the policy was meant for the good and development of the Nigerian economy, urging citizens to see it the way the bank has presented it.
On the objection of the National Assembly, the apex bank boss said: “Well, the Senate of the Federal Republic is the National Assembly. They are the legislative arm of the government and from time to time, we brief them about what is happening and about our policies and I’m aware that they have asked for some briefings and we will brief them.
“But I think it’s important for me to say that the cashless policy started in 2012. But on almost three to four occasions, we 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.
“Between 2012 and now 2022, 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.
“We heard people talk about some of the people in the rural areas and the truth is that even online banking, as I was coming to Daura, I saw a kiosk that had a super agent today. It’s because of the way we felt that there was a need for us to deepen the payment system infrastructure.
“We have 1.4 million super agents that are all over different parts of the country, all local governments, and all villages in this country.
“Having 1.4 million of them is as good as having 1.4 million banking points where people can conduct services.
“We think, Nigeria as a big country, the biggest economy in Africa, that we need to leapfrog into the cashless economy. We 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 digitization have gone cashless.
“I said it at different fora, that this is not targeted at anybody, it’s 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.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them.
“We will do so because we are humans, we want to make sure that we are making life good for our people. We do not want to make life difficult for them. So, 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.
“I can only just assure you that it will go round, let us just be calm, luckily the old currency continued to be legal tender till January 31, 2023. So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful to you again, so please take it to your bank as quickly as possible.”
Also speaking on the amount of the old notes the apex bank has been able to mop up from circulation, he said: “We have taken more than half a trillion and in the bank, we also have close to half a trillion.
“But what we have done in the central bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible and from there, banks can now move what they have with them.”
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