Despite the apology and defending the decision, Emefiele insisted that the policy will progress as announced and gave reasons why it will continue.
The Central
Bank of Nigeria (CBN) has apologised to bank customers for the
inconveniences the reintroduced 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 pushback from Nigerians over the return of charges
on deposits and withdrawals beyond certain threshold.
At the end of the meeting, the MPC retained interest rates at 13.5% as well as other parameters.
According to him: “I truly sympathise with the banking public and regret the inconvenience that this is causing bank customers.”
Despite the apology and defending the decision, he insisted that the
policy will progress as announced and gave reasons why it will continue
by noting that “we expect that after five years: 2014-2019, all the cash
that would have been kept in people’s houses, should have been brought
back into the banking industry.
“That’s why we are saying at this time that we need to return back to that. What you are seeing today is not new.”
Emefiele gave the strategic reason why the decision to reintroduce the charges was taken.
According to him: “This is a strategic timing of these actions
because on Monday, September 23rd, the mutual evaluation by
Inter-Governmental Action Group against Money Laundering in West Africa
(GIABA) on the country’s anti-money laundry and CFT regime will begin.
“Passing the mutual evaluation, positions Nigerian as a safe and
credible destination for financial transaction across the world.”
He added that “GIABA will be in Nigeria to assess the rate at which Nigeria has embraced anti-money laundry and CFT regime.
“It is important that we display and show to them that Nigeria is indeed
in conformity with their practices as enshrined in their anti-money
laundry and CFA laws.
“If we do not do what we are doing today, if they pass us negative, even
your so-called cards that you carry abroad, you will not be able to use
them.
“It is in our own best interest that we are seen to be working in line
with best global practices so that we can have a comfortable and
convenient life in future.”
Since the policy was first launched in 2012, Emefiele stated that “currency
management cost have continued to increase year-on-year at an average
annual growth rate of 33%. Notwithstanding, electronic transactions have
increased within the economy. We have provided alternative channels and
people have embraced it.”
SPONSORED LINKS
[TRENDING SONG!!] Romani D-Fans – Bestie (Prod By Krizbeatz)
[TRENDING MIXTAPE!!] DJ Baddo – Bestie Unlimited Mix
[TRENDING SONG!!] TYSG Ft Bad Mz X Kendi Rozzi – Iyariya
INSTALL 9JAFLAVER MUSIC APP, STREAM, DOWNLOAD, AND PLAY MUSIC OFFLINE
CHECK OUT FUNNY PICTURE AND MEME HERE (CLICK HERE)
Chissom Anthony – Glory To God In The Highest [See Trending Gospel Song]
© 2014-2023 9jaflaver. All Rights Reserved.
About us | DMCA | Privacy Policy | Contact us
| Advertise| Request For Music | Terms Of Service
9jaflaver is not responsible for the content of external sites.