.Emefiele is sick, cannot appear before Reps —apex bank
The Central Bank of Nigeria (CBN) changed its mind about the maximum cash withdrawal thresholds.
The CBN announced late on Wednesday that it had raised the maximum weekly limit for cash withdrawals through all channels in a new circular distributed to all banks.
Individuals and businesses can now withdraw between N500,000 and N5,000,000 in cash.
Haruna Mustafa, Director of Banking Supervision, signed the circular.
“In compelling circumstances where cash withdrawal above the limits is required for legitimate purposes, such requests shall be subject to a processing fee of three percent for individuals and five percent for corporate organizations, respectively,” the law states in part.
The CBN ordered that third-party checks over N100,000 cannot be paid over the counter as long as the existing limit of N10 million on clearing checks is in effect.
The Banking Supervision, Other Financial Institutions Supervision, and Payments System Management Departments, as appropriate, should receive monthly returns on cash withdrawal transactions that exceed the specified limits, according to the CBN.
It urged bank customers to conduct their financial transactions through alternative channels, such as eNaira, mobile banking apps, USSD, cards/POS, and internet banking. In order to provide access to financial services in underserved and rural communities, CBN acknowledged that “bank and Mobile Money Agents are important participants in the financial system.”
According to the statement, “They will continue to carry out these strategic functions in accordance with the rules currently governing their activities.”
The Central Bank of Nigeria (CBN) declared that it understands “the crucial role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society.” Beginning on January 9, the new regulation will be followed nationwide.
However, The Central Bank of Nigeria (CBN) has said that its governor, Godwin Emefiele, is ill and would not appear before the House of Representatives on Thursday.
CBN Deputy Governor, Corporate Services, Edward Adamu, stated this in a letter addressed to the House.
The letter said Emefiele would be represented by the CBN Deputy Governor, Financial System Stability, Aisha Ahmad.
This is the third time Emefiele would be unable to brief the lawmakers over the cash withdrawal limit policy of the appex bank which will come into effect on January 9.
Amidst protests and condemnation on Tuesday, the lawmakers rescheduled his appearance for Thursday, insisting on suspension of the cash withdrawal limits set by the apex bank.
However, at the plenary on Wednesday, after Gbajabiamila read out the letter, the lawmakers resolved to accept Emefiele’s representation.
The lawmakers had resolved that the CBN should suspend the policy, stating that it would adversely affect the poor in the society, small business owners and those who live in rural communities.
But Emefiele has said the policy is aimed at developing the economy.
“We have 1.4 million super agents that are all over different parts of the country, all local governments, and all villages in this country and I have told my colleagues, some of their names are already on the CBN website and we will publish all the names of all the super agents and having super-agent, which is different from the banks, which is different from microfinance banks, which is different from other financial institutions.
“Having 1.4 million of them is as good as having 1.4 million banking points where people can conduct services and we think, Nigeria as a big country, the biggest economy in Africa, that we need to leapfrog into the cashless economy,” he said.
