Emefiele replies NASS, says no going back on cash withdrawal policy

Our reporter| Central Bank Gover, Godwin Emefiele on Thursday said there is no going back on the cash withdrawal limit announced by the apex bank earlier this week as the limitation was not intended to hurt anyone.

The CBN boss also disclosed that the new naira notes have already been disbursed to the various commercial banks and expect that banks would begin distribution to the public.

Emefiele made the declaration after a visit to President Muhammadu Buhari in his country home in Daura, Katsina State amid dissenting voices from the National Assembly and the public over the cash withdrawal policy.

According to him, the new policy was designed to strengthen the nation’s economy, and there will be no rigidity on the policy and no reversal.

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He again appealed to Nigerians to embrace the policy as the apex bank monitors the situation to allay any hardships.

It would be recalled that the Senate and the House of Representatives had earlier faulted the CBN’s unveiling of a revised cash withdrawal limits with a maximum of N100,000 for individuals and N500,000 for companies, arguing that it might worsen the current economic situation.

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