THE Central Bank of Nigeria, or CBN, informed the Senate on Friday that the planned policy to limit cash withdrawals for individuals at N100,000 and corporate bodies at N500,000 per week was first introduced in 2012 during the administration of the former President Goodluck Jonathan and expanded to Abuja and six other States in 2013.
The Deputy Governor of CBN on Financial System Stability, Mrs. Aishat Ahmad, said yesterday during her appearance before the Senate Committee on Banking, Insurance, and Other Financial Institutions, which is chaired by Senator Uba Sani, APC, of Kaduna Central, that the cashless policy being fully implemented by CBN now is not new, as necessary steps in that direction were taken in 2012 with Lagos State as a pilot scheme and Abuja and Six Other States in 2013.
However she added that the Apex Bank was accommodating and would be open to suggestions that wouldn’t make the policy burdensome for any group of Nigerians throughout execution.
She made her disclosure shortly after controversies erupted over the apex bank’s proposed policy.
The CBN Deputy Governor testified yesterday during the Senate Committee on Banking, Insurance, and Other Financial Institutions’ screening process for re-appointments of her and her Corporate Services counterpart, Edward Lametek Adamu.
Although the CBN has not yet fully implemented the policy since its introduction, Ahmed noted that it has significantly changed the banking and payment systems. She continued, “Distinguished Chairman of this committee and members, I’m happy for the opportunity given to make presentations on planned N100,000 withdraw limits for individuals and N500,000 for Corporate Bodies per week, beginning on 9th January 2023, in line with the CBN’s policy.”
“Based on information available to CBN, the time for full implementation of the policy with proposed limit on cash withdrawals per week is now.
“Required infrastruture for its implementation in terms of financial access point system , mobile money , e – naira etc , are available across the 774 local government councils in the country.
“All fears and worries being expressed by Nigerians on the planned limited cash withdrawal policy are seriously being taken care of as nobody or section of Nigerians , will be left out.
“In the past , banking transactions in Nigeria was limited to Bank Branches alone as the only means , which has now expanded into multiple electronic platforms as well as geometrical increase in the number of agents from 88,000 to 1.4million.”
Following the presentation, the two nominees were given the “take a bow and go” treatment by the chairman of the committee, Sen. Uba Sani, on a motion made by the whip of the senate, Sen. Orji Uzor Kalu, APC, of Abia North, and seconded by Sen. Danjuma Goje, APC, of Gombe Central.
“With presentation made by the Deputy Governor of CBN on Financial System Stability, Aisha Ndanusa Ahmad on the planned limited cash withdrawal, required information on the merits of the policy has been given,” Senator Uba Sani said in his remarks. “This information will be communicated to the Senate in plenary through our report.”
“The two Deputy Governors , having earlier been screened before serving their first tenures , need not to again as unanimously agreed by members of the Committee. They should therefore take a bow and go.”