Aisha Ahmad, Deputy Governor, Financial System Stability, Central Bank of Nigeria, is currently addressing the House of Representatives on the central bank’s recent policy, which, among other things, bans cash withdrawals at Deposit Money Banks and other financial institutions.
The House had called CBN Governor Godwin Emefiele, who had missed the previous two meetings with MPs.
The CBN had notified the House that Emefiele would not appear in person before the MPs, but that Ahmad would chair the Committee of Governors.
Withdrawal Limits: Senate To Debate New CBN Policy On Tuesday Over Concersns
According to Ahmad, the CBN observed that about 94 and 82 per cent of personal and corporate transactions, respectively, had been electronic, meaning that the majority of Nigerians would not be adversely affected by the reviewed limits.
The CBN deputy governor also told the lawmakers that the apex bank introduced the new policy in phases, with successes recorded in some of the states where it was launched.
Details later…
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