Because the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele state that they will not going to cancel their policy on the reduction of cash withdrawal limit will continue implement ot next year January.
Godwin Emefiele made this statement on Thursday after he visit the President Muhammadu Buhari at Daura, Katsina State.
Because apex bank has react to the House of Representatives to criticise on the new policy and summon Godwin Emefiele to come an answer questions about he next week Thursday.
Godwin Emefiele tell the journalist that the CBN comes out with this new policy not to hurt anybody because they suppose to introduced it since but they postpone it base on the things they are try to put in place.
“I was aware that they ask for some briefing or concise summary of a situation and we are ready to brief them. Perhaps, this thing was very crucial to me base on the cashless policy started since 2012.
“But on almost three to four occasions, we put the policy aside because we need to prepare ourselves and deepen our payment system infrastructure for Nigeria.
“But between since 2012 and now 2022, almost 10 years, we strongly believe that a lot of electronic channels have put to place that will help people in conducting banking and financial service transactions for Nigeria,” that is what he said.
Because according to the (CBN) governor, we designed these policy to strengthen the economy.
‘I We can increase or reduce the limit of the policy’
Because the Central Bank has said that what will happen is that the cash withdrawal limit can increase or we can decrease it . But some the questions comes for us to cancelling the policy or changing the timing, I think that one couldn’t happen.
He also appeal to Nigerians to embrace this new policy that the CBN come up with because they will monitor the situation and it will not be rigid on-top the policy.
The CBN stated that from 9th January 2023, it Wil N100,000 individuals can only withdraw for the counter per week while companies can’t withdraw more than N500,000.
‘People was ask ? Will this New CBN policy affect small businesses’
The House of Representatives order the suspension of this new cash withdrawal limits by the CBN after resolution during plenary on Thursday.
They also decide to summon the CBN governor (Godwin Emefiele) after a motion of matter of urgent public importance that Aliyu Magaji (APC Jigawa) move on Thursday during plenary.
The House of Representatives has order the CBN to suspend the implementation of the new policy until they concluded on it.
Because the motion was move by, Aliyu Magaji said because small businesses was the major drivers of the economy, they want cash for transactions.
Because these situations will affect the small business owners which they will feel the negative effect of the new CBN policy.
Aliyu Magaji also said although the CBN have the statutory power to implement monetary policy, but the policy will bring negative impact on the economy.
Why do we need this new policy?
Because Port Harcourt-based business analyst Ignatius Chukwu has said that the new policy is to check rigging and for security
“I have seen the Central Bank of Nigeria (CBN) review of withdrawal limit as Part B of the Naira design policy that the CBN earlier bring out, Chukwu statement.
I think this will further make people embrace the cashless policy if isn’t going to affect internet banking and the cashless economy.
Ignatius Chukwu cite that since 1984, President Muhammadu Buhari as the Head of State, because it was similar policy that bring in most of the money that help them in circulation and also the second policy of small-small release of money just like this two policies CBN was planning.
He also said this mostly target mega cash owners as the ordinary man for street don’t need up to N100,000 cash a week.
“This new policy will not affect electronic transfers, the cash can only be movement to the target and cash movement is only needed during elections so that it will show that they use election period for the main target.”
Because Ignatius Chukwu has said that he will help security especially with paying ransom to kidnappers as they demand for cash payments as opposed to transfers which it will be easy to trace and track them.
“Because raising money to pay kidnappers, whether for naira or dollars it will be very difficult.
They buy large votes, they you need hundreds of millions so I suspect that the policy looks at some large-scale cash users.” He said.