The Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Aisha Ahmad, has given the assurance that the cash withdrawal limits would neither hurt Nigerians nor the country’s economy.
Speaking to the House of Representatives on Thursday, Ahmad said Nigerians use more of electronic channel for personal and corporate transactions.
According to the official, electronic channel accounts for 94 per cent and 82 per cent of personal and corporate transactions, respectively.
Ahmad represented the Governor of the central bank, Godwin Emefiele, who is reportedly ill according to a letter written to the House of Representatives by the CBN on Wednesday.
The House had summoned Emefiele to explain the cash withdrawal limit and its impact on Nigerians. However, he failed to show up twice, last week Thursday and December 20.
The central bank had pegged over-the-counter withdrawals to N100,000 and N500,000 for individuals and businesses respectively, which elicited criticism among the citizenry.
Following recommendations from the Senate that the CBN should increase the limit and the House of Representatives informing the apex bank to suspend the policy, which will become effective on January 9, 2022, the CBN revised the limit.
The revised policy states that businesses can now withdraw maximum of N5 million across channels, while the limit for individuals has been raised to N500,000 per week.
Meanwhile, Ahmad revealed that the CBN recorded success in some states where the policy was first launched.