Emefiele to NASS: No Going Back on Cash Withdrawal Limits

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has said he has no plan to reverse the decision on cash withdrawal limits.

Emefiele made the declaration on Thursday after a visit to President Muhammadu Buhari in his country home in Daura, Katsina State.

Reacting to dissenting voices from the National Assembly and the public over the cash withdrawal policy, the CBN governor told journalists that the limitation was not intended to hurt anyone.

He underpinned that it was instead designed to strengthen the nation’s economy, as he assured that there will be no rigidity on the policy and no reversal.

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He again appealed to Nigerians to embrace the policy as the apex bank monitors the situation to allay any hardships.

It would be recalled that the Senate and the House of Representatives had earlier faulted the CBN’s unveiling of a revised cash withdrawal limits with a maximum of N100,000 for individuals and N500,000 for companies, arguing that it might worsen the current economic situation.

Emefiele said that the new naira notes have already been disbursed to the various commercial banks and expect that banks would begin distribution to the public.