Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the cash withdrawal limit is not intended to make life difficult for Nigerians but to strengthen the country’s economy.
Speaking with journalists after a meeting with President Muhammadu Buhari in Daura, Katsina state, Emefiele said many nations were adopting digitisation and going cashless.
Under the new policy, the CBN restricted the maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000, respectively.
Emefiele said he embarked on a courtesy visit to Buhari to brief him about happenings in the CBN and the economy.
The apex bank’s governor said Buhari was “very happy and said we should carry on our work, no need to fear, no need to bother about anybody.”
Emefiele also said there were no plans to reverse the new cash withdrawal policy, but added that any necessary assessments of the policy’s specifics will be carried out after performance was assessed.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid,” Emefiele said.
