CBN defends cash withdrawal limit policy

The Central Bank of Nigeria has defended the cash withdrawal limits policy, insisting that it was not targeted at vulnerable people.

While defending the policy, the deputy governor, financial system stability, CBN, Aisha Ahmad declared that Nigeria could operate a cashless economy.

Ahmad noted that about 94 per cent of cash withdrawals through personal accounts were less than the revised N500,000 per week, while 82 per cent of those via corporate accounts were less than N5m.

Ahmad represented the CBN governor, Godwin Emefiele, who had twice failed to appear before the lawmakers to defend the policy which had generated a groundswell of opposition from Nigerians.

The Apex Bank had informed the house that Emefiele would not appear before the house in person, rather, Ahmad would lead the committee of governors before the lawmakers.

In her presentation to the House of Representatives, the CBN deputy governor also noted that while some critics had expressed fears about the lack of commercial bank branches, especially in rural areas, data obtained by the CBN showed that people in remote locations had embraced online banking options.

Ahmad also announced that the CBN ordered 500 million notes of the redesigned N200, N500 and N1,000 denominations through the Nigerian security printing and minting plc.