https://www.youtube.com/watch?v=F6SmcBhnSF4

Emefiele: N1Trillion in Notes Received by CBN, Banks

CBN Governor Godwin Emefiele has revealed that roughly N1trillion in soon-to-be-replaced notes has been received through the banking system to be swapped for new notes which become effective Jan 31, 2023

The Governor of the Central Bank made this revelation in Daura, Katsina State, while briefing journalists after he met with President Buhari.

Cashless Policy Can’t Be Reversed, Says Emefiele

Governor of the Central Bank of Nigeria, Godwin Emefiele, has ruled the possibility of reversing the ongoing implementation of cashless policy.

The House of Representatives at Thursday plenary asked the CBN Governor to suspend implementation of the policy pending the outcome of the expected engagement on the compliance with the relevant sections of the CBN act and the 1999 constitution on the monetary policies of the apex bank.

He was asked to appear Thursday next week to explain to the House on the impact and significance of the new policy.

On Wednesday, the Senate raised concerns about the latest CBN policy on cash withdrawals and fixed Tuesday to debate the new policy.

But speaking with State House reporters after briefing President Muhammadu Buhari on happenings in the CBN and the Nigerian economy in Daura, Katsina State, on Thursday, Emefiele said a lot of electronic channels had been put in place in 10 years since the cashless policy was launched in 2012.

He said the cashless policy was stepped down on a number of occasions to fully prepare for the implementation of the policy and deepen payment system infrastructure in Nigeria.

He said the visit was to assure the President that all plans on the currency and cashless policy were “going on well.”.

On the redesign of currency notes, the CBN governor said the banks had started dispensing the new cash which reached their various offices on Wednesday to their customers.

“I can only just assure you that it will go round, let us just be calm, luckily the old currency continued to be legal tender till January 31, 2023. So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful to you again, so please take it to your bank as quickly as possible,” he added.

Emefiele said about N1 trillion of the old notes had been returned to the banking system.

On what the CBN would do about the policy after the Senate kicked against the withdrawal limit, he said: “The Senate of the Federal Republic is National Assembly, they are legislative arm of the government and from time to time we brief them about what is happening and about our policies and I am aware that they have asked for some briefings and we will brief them.”

“Having 1.4 million of them is as good as having 1.4 million banking points where people can conduct services. And we think, Nigeria is a big country, the biggest economy in Africa that we need to leapfrog into the cashless economy. We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitization have gone into cashless.

We’ll review the policy from time to time

“And I said it at different fora, that this is not targeted at anybody, it is just meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it. We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them.

“We will do so because we are humans, we want to make sure that we are make life good for our people. We do not want to make life difficult for them. So, there is no need for anybody to worry, the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians.”

Under the new withdrawal policy, the CBN restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

The CBN stated, however, that withdrawals above the thresholds would attract processing fees of 5 per cent and 10 per cent respectively for individuals and corporate entities going forward.

The new withdrawal regime further pegged the maximum cash withdrawal per week via Automated teller Machine (ATM) at N100,000 subject to a maximum of N20,000 cash withdrawal per day.

https://dailytrust.com/just-in-cashless-policy-cant-be-reversed-says-emefiele/

Damnnn niggar

Nice
Government is a continuum

This whole policy started during Jonathan's administration

This initiative is working already, while children of hate, frustrations and perdition are still wailing.
No good news about the progress of our darling nation makes them happy.
Bunch of evil and foolish swines.

God bless the members quoted below,
For they want nothing but a great and working country like all of us @[/b].
Nigeria will be great again in our lifetime whether the evil ones like it or not.


[b]

Peterosky:
I don't know why I am so in love with this policy. It has a lot of positivity all over it

joyandfaith:


Good point. Without carrying cash around robbery attacks on pos shop would reduce.
New naira policy as well as withdrawal limit are good policies. Anybody that uses smartphone and literate should not have problems with the policy.

gotnel:
This policy is good for all Nigerians.
This policy will firm up the Nigerian economy.
Yes , there will be teething problem. It will be minimal

Mrkumareze:

I like the policy, it will do alot to every good Nigerian

Nwaelohim:

Ignorance, the world is going Cashless to reduce cash waste and build strong economy, one trader is here talking rubbish. Get POS if you are doing business, if not why do you need cash? What exactly do you need cash? Nigeria has a long catch up to do with present global reality

iLoveYouToo:
The CBN has been tryin so hard to implement a cashless policy, we need to shape up. The world is leaving us behind. Even our security operative who’s the most anachronistic man I know now does transfers via is basic phone. Why are we so averse to change? Why are we so obsessed with carrying loads of physical cash?

FreeStuffsNG:

Is it that these groups are always in negative mode by permanent default ni?

Govt is trying to address inflation so that your goods can be more affordable, you are still complaining. Na wa o

adioolayi:

Everyone should fall in line and let's see positivity in Government policy for once!

For me, redesigning naira notes without accompanying strict cashless policy will be waste of time and resources.. because new Naira will suffer same fate of the old Naira that was redesigned and find its way to the hands of Naira hoarders

ElSudani:
Some people will always kick against a policy no matter how good it is.

fuckJones:
The same people who did not see a second Nigeria bridge when it was being built are the same people who saw a teleprompter in a BBC interview when none was shown.
When hate is in your heart, you will see even your own shadows as demons chasing you from the village.

You know dem too wells.

sunray:

How many rural or urban poor has 100k in their bank account?
We destroy every policy with good intentions with our crass opportunity. In many countries, I did not see where citizens turn POS system to cash collection centres supported by banking institutions.

It is always good and refreshing to see we still have reasonable, positive minded and sensible members like these people above on this forum.

Nigeria will be great in our lifetime whether the evil ones like it or not .
God bless all sane, honest and hardworking Nigerians.
God bless Nigeria.

We Rise.

Wow

Jeez

Quiz.

Who's the greatest Dullard?

A. Buhari with his NEPA bill Certificate.

B. Emefiele with his shabby policies.

C. Peter Obi, 3rd Class dullard in one of the easiest courses from a miracle center University.

dazzlingd:
What of naira notes in diaspora

What a dumb question!
Na Ghana must go u take carry ur Naira go your diaspora abi?
How old are you?!


And they say there is no money in this nation?!

loosecanon50:
Not a fan of this government, but if this is the only reason thing they can achieve then it’s a welcome idea.

Slayar:

Not a fan of Buhari, but Emefiele got this one right

These are the kinda people that will live a beautiful and successful life.
These are the ones that whatever they lay their hands on will continue to prosper.
When they see things not going right, they complain about it, and when they see a good thing, they applaud, just like all of us at [/b].

Keep it up [b]slayar and loosecannon50.
God bless you, your family and all you lay your hands on for standing at the side of the truth.


****************************************

But those other ones, the ones we call the children of hate , frustrations and perdition, they have sworn that they will never see anything good in their frustrated, miserable lives.
They have been willfully blinded and deaf to any good news or positive things.
So shall it remain permanent in their lives.
Nothing good will ever come to their abode.

No be curse,
Na FACT!

Those that pray for our darling nation will eat the fruits of the land,
But those that curse her 24/7 will never prosper in the land ....according to the word of God in the Holy Book.

We Rise.

illicit:
Wow

TheChameleon:
Jeez

Funlag:
o boy!!

Skmoda360:
Geez

stano2:
Omo

ogascomax:
O'boy!!! 80% are from politicians.

Tombrown3:
1 trillion and we all are crying of poverty and hardship like this?
Wow..
Just wow....

E shock una

From your fellow crooks.
Assuming this confused Emefiele is a northerner, some part of the country will let us hear word. But one of them is ruining the economy with his trial and error policies, they all lost their voices.
Hypocrites.

NONSENSE

1trillion �

O'boy!!! 80% are from politicians.

Emefiele just dey handle our money anyhow. The naira design/colouration is a good one but he shouldn't think of trying to fool nigerians. Give us facts and accurate figures and we shall always be grateful,not to him but to what he has inside of him..

1 trillion and we all are crying of poverty and hardship like this?

Wow..

Just wow....

this two here have scammed nigerians

Unfortunately, those who held Nigeria to ransom are brainwashing them people to vote for them again.

Omo.. so if I go to the mall, I'll run a transfer and wait until alert is confirmed.
Something I always avoid by going with cash or using POS

Few guys are really loaded in this country, the CBN suddenly woke up from its slumber. Wonderful policies coming from them.

This is a good policy but Nigeria is a zoo, the thieving politicians will find a way to go around the policy to buy votes on election Day

This policy will hugely reduce crime, kidnapping for ransom payments, reduce inflation and bring exchange rate under control

It will also help mop up excess liquidity


The CBN has to stop printing Naira that is not backed by dollar

The CBN has to stop impoverishing people by releasing currency not backed by real production or tax revenue

The CBN has to care about the lives and safety of people by stopping cash payments to kidnappers who demand ransom

They have to enforce POS débit card online web or mobile transfers

Geez

Not a fan of Buhari, but Emefiele got this one right

yang:
This is a good policy but Nigeria is a zoo, the thieving politicians will find a way to go around the policy to buy votes on election Day

They will be tracked....

o boy!!

I'm loving this... Lhordspy and his daddy don die

Lies, lies and more damn lies from the government. Under Buhari, lies and propaganda have become daily tools of governance with appointees like Emefiele,Malami and the new CJN abusing their offices or dabbling into partisan politics whereas their offices calls for independence.

There is still time. Some of your staff can still quickly recycle some of it

Not a fan of this government, but if this is the only reasonable thing they can achieve then it’s a welcome idea.

This man truly no get sense. First was dollar, now is Naira itself. Even a cow knows that those limits are extremely ridiculous. 20k? Wetin be minimum wage?

Haba. Sack this man na. Mumu man

TheChameleon:
Jeez

Quiz.

Who's the greatest Dullard?

A. Buhari with his NEPA bill Certificate.

B. Emefiele with his shabby policies.

C. Peter Obi, 3rd Class dullard in one of the easiest courses from a miracle center University.

You are actually the dullest ...how can you for get to put baba blue in c ...and yourself in d.

This should reduce corruption and money laundering.
We are bound to move to a cashless economy at some point. Every new idea comes with its pros and cons. Hopefully, the cons do not swallow the pros.