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We Will Not Reverse Cashless Policy –Emefiele

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The governor of the Central Bank of Nigeria, Godwin Emefiele, has dismissed any plan of reversing the implementation of the cashless policy.

The apex bank governor told journalists in Daura, Katsina State, on Thursday that the withdrawal limit may be reviewed but not the policy.

“We will be reviewing from time to time how this is working,” he said.

“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 tweaking some amount to be a little bit higher or lower; we will do so because we are humans.

“We want to make sure that we make 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.”

Emefiele also assuaged worries that the recently announced cash withdrawal limit would be unfavorable to rural dwellers.

He said Nigeria has enough super agents to enable citizens to carry out electronic transactions anywhere in the country.

“We believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial services transactions in Nigeria,” he said.

“We heard people talking about some of the people in our rural areas.

“The truth is that even online banking, as I was coming out to Daura, I saw a kiosk that has super agents. Today.

“Because of the way we felt that there was a need for us to deepen payment system infrastructure, we have over 1.4 million super agents that are all over the country, different parts of the country, all local governments, all villages in this country.”

He promised that the apex bank will publish the names of all the super agents on its website.

Emefiele also said N1 trillion of Nigeria’s old N200, N500, and N1,000 notes have been mopped up.

Banks received the new notes on Wednesday for distribution, he disclosed.

The CBN governor was in Daura, President Muhammadu Buhari’s hometown, to brief the number one citizen on “what is happening in the Central Bank” and “what is happening in the Nigerian economy.”


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