CBN says it will review cash withdrawal limit if...

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CBN says it is open to review but is adamant about altering the timing.

Godwin Emefiele, the governor of the Central Bank of Nigeria, stated on Thursday that the country's economy was ripe for a cashless transformation since the federal government had made enough investments in the necessary payment system infrastructure.

Emefiele made this statement immediately after meeting Muhammadu Buhari in Daura, Katsina State, the president's hometown.

Central Bank of Nigeria - CBN
Central Bank of Nigeria - CBN

The CBN's most recent policy, which limits daily cash withdrawals to N20,000 and weekly withdrawals to N100,000 for individuals, has been controversial.

The apex bank chief says the CBN does not intend to make life difficult for the citizens but rather to improve the economy.

"I cannot promise that we will be rigid; therefore, we will periodically examine how this is going. However, this does not imply that we will reverse or alter the timing. Instead, it could mean that some amounts will be adjusted to be slightly higher or lower, among other things.

He stated that the CBN would disclose the names of all of its 1.4 million super agents to enable the return of old funds in unbanked communities.

He said on the amount of the old notes that had been returned to vaults, “We have taken more than have a trillion, and in the bank, we also have close to half a trillion.

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