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Emefiele: We may revise cash withdrawal limitations, but not policy.

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The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has stated that the recently implemented cash withdrawal policy is not intended to make life difficult for Nigerians, but rather to strengthen the country's economy.

Emefiele told journalists after meeting with President Muhammadu Buhari in Daura, Katsina state, that many countries were embracing digitisation and going cashless.

The CBN has limited the maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000, respectively, under the new policy.

Emefiele stated that he paid a courtesy visit to Buhari to brief him on CBN and economic developments.

The governor of the central bank said Buhari was "very happy and said we should carry on our work, no need to fear, no need to worry about anyone."

Emefiele also stated that there are no plans to reverse the new cash withdrawal policy, but that any necessary assessments of the policy's specifics will be conducted after performance is evaluated.

"We will be reviewing how this is working on a regular basis because I cannot say we will be rigid," Emefiele said.

"But that is not to say we will reverse, or change the timing, but whether it is about tricking (sic) some amount to be a little bit higher or a little bit lower, and all the rest of them."

"We will do so because, as humans, we want to ensure that our people have a good life." We don't want to make their lives difficult.

"There is no need for anyone to be concerned; the central bank is monitoring what is going on, and I can assure everyone that we are aware of our responsibilities and will do what is best for Nigeria and Nigerians."

"We believe that Nigeria, as a large country with the largest economy in Africa, needs to leapfrog into a cashless economy."

"We cannot continue to allow a situation in which more than 85 percent of the cash in circulation is held outside of a bank." "As countries embrace digitisation, an increasing number of them have gone cashless."

Emefiele went on to say that the policy was not intended to target specific individuals or groups.

"I've said it at various fora that this isn't aimed at anyone; it's just for the good and development of the Nigerian economy, and we can only continue to appeal to Nigerians to please see this policy as we've presented it," he explained.

The CBN governor also stated that the banking system has received N1 trillion in existing currency denominations.

"We have taken more than half a trillion, and we have nearly half a trillion in the bank." However, the central bank has moved more people from various departments into currency processing so that they can process this cash as quickly as possible, and from there, banks can now move what they have with them," he explained.

He also stated that banks have begun distributing new cash to their customers, which arrived at their various offices on Wednesday.

"I can only assure you that it will go round; let us just be calm; fortunately, the old currency remained legal tender until January 31, 2023."

"As a joke, both the painted (new notes) and unpainted (old notes) will be legal tender at the same time." However, by January 31, the unpainted one will no longer be useful to you, so please return it to your bank as soon as possible."

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