Breaking: CBN Deputy Governor addresses Reps on cash limits

The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, is currently addressing the House of Representatives over the latest policy by the apex bank which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.

The House had summoned the Governor of the CBN, Godwin Emefiele, who failed the two previous appointments with the lawmakers.

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CBN had informed the House that Emefiele would not appear before the House in person, rather Ahmad would lead the Committee of Governors before the lawmakers.

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.