Cashless policy: CBN apologises, sympathizes with Nigerians

Nigeria’s apex financial institution, the Central Bank of Nigeria (CBN) has apologised to bank customers for the inconveniences the newly introduced cashless policy will cause.
Godwin Emefiele, the Governor of Central Bank, made the apology at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Friday.

He stated this when he was asked of his reaction to the push back from Nigerians over the return of charges on deposits and withdrawals beyond certain thresholds.
He said, “I sympathize and regret inconvenience cashless policy will cause bank customers.”
Emefiele, who also spoke on the controversial judgement debt of $9.6 billion awarded to P&ID, maintained that “by the grace of God there is no threat to the reserves…..and we have received presidential approval that those indicted should be prosecuted.”

At the end of the meeting, the MPC retained interest rates at 13.5% as well as other parameters.
Despite the apology, the CBN boss maintained that the policy will progress as announced.