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CBN Governor to Reps: Buhari Very Satisfied with New Cash Withdrawal Policy Godwin Emefiele, the Governor of the Central Bank of Nigeria, CBN, has insisted that the premier bank will not abandon its new cash withdrawal limit policy, which is due to come into effect on January 9, 2023. is pronounced against the request of the House of Representatives to stop the policy. But while speaking to reporters after meeting President Muhammadu Buhari in Daura, Katsina state, Emefiele said Apex Bank would not give up on politics. The CBN Governor also said he has the support of President Muhammadu Buhari for this policy. According to Emefiele, Buhari was "very, very happy and said we should continue our work, no need to worry, no need to worry about anyone". The CBN governor insisted that the policy was not aimed at any particular person, but aimed at developing the economy. However, he acknowledged that some details of the directive could be revised once it comes into force. The House of Representatives had decided that Emefiele would appear before it next Thursday to explain the new policy. This follows a motion by Aliyu Magaji (APC Jigawa) on a matter of urgent public concern, tabled during Thursday's plenary session. Magaji had complained that the directive would affect small businesses that rely on cash for transactions that negatively impact the economy as a whole. "Although the Central Bank of Nigeria has the right to adopt monetary policy for the Nigerian economy to guide and steer the economy into the right part of recovery and growth, the new policy of the Bank Central Bank of Nigeria (CBN) will certainly have a negative impact on the already declining economy and further weaken the value of the naira as Nigerians may decide to use dollars and other currencies as a medium of trade thereby depreciating the naira further and weakening the economy." It's good to have a cashless policy, but we seem to be borrowing ideas and policies from other countries that are way ahead of us. We compare ourselves to the United States. United States and the United Kingdom. These people are way ahead of us. We will get there one day, but this kind of politics bothers the people who voted for us. “The problem affects everyone, most of our people live in rural areas and everything is done in Naira and with cash. And someone will wake up and make a policy that starts tomorrow, without consultation," he said. But in response to reporters' questions after his meeting with the president, Emefiele said: "Well, the Senate of the Federal Republic is the Assembly National, they are the legislative branch of government and from time to time we brief them on what is happening and our policy and I am aware that they have asked for some briefings and we will brief them but I think it is important for me to say that the cashless policy has begun in 2012. because we felt we need to prepare and deepen our payment system infrastructure in Nigeria.Between 2012 and now 2022, nearly 10 years or so, we believe that many electronic channels have been set up which will help people transact services banking and finance in Nigeria. “We heard from some people in the countryside and the truth is that online banking too, when I arrived in Daura, I saw a kiosk that has a super agent today. It's because of how we felt we needed to go deeper into the payment system infrastructure. “We have 1.4 million super agents spread across different parts of the country, all local governments and all villages in this country and I have told my colleagues that some of their names are already on the CBN website and we all super agents and have a super agent, which is different from banks, which is different from microfinance banks, which is different from other financial institutions. “Having 1.4 million of them is as good as having 1.4 million bank points where people can provide services and we think, Nigeria as a big country, the largest economy in Africa, we need to jump into the economy no cash". In a memo issued on Tuesday, the CBN had ordered all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and businesses do not exceed N100,000 and N500,000 respectively per week. The major bank has also indicated that only denominations of N200 and below can be loaded into bank ATMs.