Cashless Policy: CBN apologize To bank customers for the inconveniences, explained reasons why it will continue

Godwin Emefiele

The Central Bank of Nigeria (CBN) has apologised to bank customers for the inconveniences the newly introduced cashless policy will cause.

CBN governor Godwin Emefiele rendered the apology at the end of the Monetary Policy Committee (MPC) meeting in Abuja when he was asked of his reaction to the push back from Nigerians over the return of charges on deposits and withdrawals beyond certain threshold.

According to him: “I sympathize and regret inconvenience cashless policy will cause bank customers.”

Despite the apology, he insisted that the policy will progress as announced and gave reasons why it will continue.

Speaking on the controversial judgement debt of $9.6 billion awarded to P&ID, the CBN governor maintained that “by the grace of God there is no treat to the reserves…..and we have received presidential approval that those indicted should be prosecuted.”

At the end of the meeting, the MPC retained interest rates at 13.5% as well as other parameters.

Details later…

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