- Says scheme not targeted at anyone
- Briefs Buhari on state of economy in Daura
- Nigerians divided on timing, economic benefits
BY BAMIDELE FAMOOFO
The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that the cashless policy which was introduced in 2012 and now in the process of being fully enforced will not be reversed.
Emefiele made this known on Thursday in Daura, Katsina State, while speaking to journalists after his routine meeting with President Muhammadu Buhari to brief him on the state of the economy and events at the CBN in general.
The CBN Governor noted that the Bank is fully prepared to implement the cash policy as well as making the redesigned naira policy a success.
His words: “More and more countries that have embraced digitalization have eventually gone cashless. I have said it at different fora that this policy is not targeted at anybody. It is meant for the growth and development of our economy. We can only continue to appeal to Nigerians to see this policy the way we have presented it. We would be reviewing from time to time to see how it is working. We are not going to be rigid. But it is not to say that we would reverse or change the timing. But as for increasing the limit at any point, we will consider that because we are humans and we don’t intend to make life difficult for the people. They don’t have to worry as the CBN is monitoring the process and we will live up to our responsibilities in taking the right decisions that will benefit our people.”
Speaking on the redesigned naira policy, he disclosed: “Only yesterday the currencies have reached the banks and we expect them to begin to distribute the new notes to their customers. We have assured the president that things are going on well with the currency policy. We also talked about the recent directives to banks on the cashless policy of the CBN.”
Responding to the reactions of the national legislatures on cash withdrawal limits at banks, he said: “They are the legislative arm of government and we brief them from time to time on issues bothering on the economy. I’m aware that they have asked for further briefing and we will do so. But it is important for me to say that the cashless policy started in 2012 and on about three to four occasions we have had to suspend its full implementation because of the need for preparation and deepening our payment system by creating adequate infrastructure. In the last 10 years, a lot of electronic payment systems have been put in place to allow the policy to fly.”
Touching on concerns of stakeholders on rural dwellers, he hinted: “today we have about 1.4 million super agents spread across the country, including the rural areas. Having super agents which is different from commercial banks and microfinance banks and Other Financial Institutions is as good as having 1.4 million banking points across the nation besides the banks. Nigeria as the largest economy in Africa, we believe strongly that we need to leapfrog into the cashless economy. We cannot continue to allow a situation where over 85 percent of cash in circulation is outside the banks.”
