What is The New CBN Policy

The former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Olabode George has said the new withdrawal policy of the Central Bank of.

I make bold to say that the country cannot cope with what I foresee as an anti-people policy. Chief George said his opinion on the Central Bank of Nigeria (CBN) policy on the ongoing currency rebranding will only further destroy the economy of the nation. The former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Olabode George has said the new withdrawal policy of the Central Bank of Nigeria (CBN) will bring more hardship to Nigerians.

On Tuesday, December 6, 2022, the Central Bank of Nigeria (CBN) issued a new directive to banks and other financial institutions to reduce cash transactions ...

[34.4 million of the 39.6 million](https://www.nigerianstat.gov.ng/) micro, small, and medium enterprises in Nigeria are informal. While the new payment option is innovative, it is seldom used in the space. With rice consumption rates higher than its local production rate, illegal importation of rice into the country might continue for a while. Cash is the greatest asset for people who operate point of sale (PoS) terminals and organisations such as Moniepoint that facilitate these transactions. On Tuesday, December 6, 2022, the Central Bank of Nigeria (CBN) issued a new directive to banks and other financial institutions to reduce cash transactions in the country. [Statista](https://www.statista.com/statistics/1249097/usage-of-mobile-money-by-micro-and-small-businesses-in-kenya/), over 60% of small businesses in Kenya use mobile money for transactions. As a Nigerian, these figures are the realities of small businesses in the country. This policy won’t take us cashless, it would only lead to black markets.” The financial inclusion evangelism in Nigeria has gone on for many years. Besides the fact that Nigerians King et al., cash is the primary means of transactions in money laundering/terrorist financing reports. Clamping down on cash transactions means that large sums of cash will not leave banks from legitimate accounts for illegitimate offline transactions.

Di Govnor of di Central Bank of Nigeria Godwin Emefiele don say dem go go ahead wit dia new policy on cash withdrawal limit despite criticism from ...

But on di question of cancelling di policy or changing di timing, e say dat one no go happun. “I dey aware say dem ask for some briefings and we go brief dem. E appeal to Nigerians to embrace di policy as e say di CBN go monitor di situation and no go dey rigid ontop di policy. Magaji say although di CBN get di statutory power to implement monetary policy, di policy go get negative impact on di economy. Emefiele tell tori pipo say di CBN no bring out di policy to hurt anybodi as e tok say dem suppose don introduce am since but dem postpone am sake of di tins dem dey put in place. Di Govnor of di Central Bank of Nigeria (CBN), Godwin Emefiele don tok say dem no go cancel dia policy on di reduction of cash withdrawal limit wey dem go implement next year January.

The Nigerian Investment Promotion Commission (NIPC) has expressed support for the recent policy by the Central Bank of Nigeria (CBN) to limit cash.

She added that “In 2021, a UN report noted that FDI inflow into Africa grew by 147 per cent, this has accentuated the race by African economies to showcase their investment climate reforms and business-friendly policies.” “With over 170 IPAs worldwide competing to channel FDI to their different countries, a compelling imperative is established that NIPC as Nigeria’s IPA is positioned to ensure that Nigeria gets a fair share of this global market. She, however, stated that the discouraging reality is that the level of resource mobilization is insufficient for inclusive growth, causing the NIPC to seek Foreign Direct Investment (FDI) and mobilize Local Direct Investment (LDI) to fully harness the potential of the Nigerian economy.

*Says banks ready to commence issuance of redesigned naira banknotes. *Reveals N1trn old notes now in CBN, banks' vaults. *Lawmakers summon CBN governor as ...

“In the long run, it is clear that this policy will fight vote buying and money laundering and expectedly, the corrupt ones among us will not like it to succeed. But Northern and Middle Belt Youths are hailing Buhari and Emefiele because we know and believe that the policy was formulated in public interest. We have no doubt that the new policy will help the nation achieve credible election and economic growth as well as aid the fight against corruption. “We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation outside the banks. “We want Nigerians to reason with us as this is all about them. He maintained that no pressure was being put on the apex bank. He said, “We can only just continue to appeal to Nigerians to please see this policy the way we have presented it. Godwin Emefiele yesterday clarified that the new cash withdrawal limits expected to be implemented from next month was not politically motivated, insisting that it was for the overall benefit of the economy. “If you go to a bank to withdraw money, it is possible, we only push a threshold. Both the painted and unpainted ones will be legal tender and by January 31 unpainted ones will not be useful to you. “Today, business outlets are begging banks to come and deploy PoS terminals. The CBN had on Tuesday introduced new cash withdrawal limits for banks and other financial institutions.

In defence of its policy on cash withdrawal limits, the Central Bank of Nigeria (CBN) on Friday said, the policy wasn't new and not targeted at anyone.

“Distinguished Chairman of this committee and members, I’m happy for the opportunity given to make presentations on the planned N100,000 withdrawal limit for individuals and N500, 000 for Corporate Bodies per week, beginning from 9th January 2023, in line with the cashless policy introduced in 2012. Mrs Ahmad and Mr Edward Lametek made themselves available before the Senate Committee on Banking, Insurance and other Financial Institutions for screening to be reappointed as Deputy governors of the Central Bank on Friday in Abuja. The apex bank team made their position known to Senate Committee on Banking, Insurance and other Financial Institutions, saying the policy of N100,000 and N500,000 withdrawal limits in the interest of the nation.

Ahead of the implementation of a new policy by the Central Bank of Nigeria (CBN), wherein customers will be restricted to specific.

It is the PDP that is the frontline victim of the APC.” The director of Research and Documentation, Pedro Obaseki, said if any political party is worried about the new CBN policy, it should be the APC. Though the APC has claimed that it remains unperturbed, a member of the party said it is just grandstanding, insisting that the policy might be reviewed. So, who should be scared, worried, bothered about the fact that the Central Bank is limiting the spread of cash? He noted that even if the CBN has the statutory power to implement monetary policies, this particular policy would have a negative impact on the economy at large. It however ordered a reversal of the policy pending his appearance.