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Cash Policy: CBN Governor Tenders Apology

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Cash Policy: CBN Governor Tenders Apology

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has apologised to bank customers for the inconveniences the newly introduced cashless policy will cause.

Africa News24 (an24) reports that the CBN governor rendered the apology at the end of the Monetary Policy Committee (MPC) meeting in Abuja, Nigeria’s capital on Friday, when he was asked of his reaction to the push back from Nigerians over the return of charges on deposits and withdrawals beyond a certain threshold.

According to CBN governor: “I sympathize and regret inconvenience cashless policy will cause bank customers.”

The CBN governor insisted despite the apology, that the CBN policy will progress as announced and gave reasons why it will continue.

Speaking further, the CBN governor lend his votes on the controversial judgment debt of $9.6 billion awarded to P&ID, saying that “by the grace of God there is no treat to the reserves…..and we have received presidential approval that those indicted should be prosecuted.”

On the other hand, the MPC retained interest rates at 13.5% as well as other parameters at the end of the meeting.

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