Financial experts have back calls for review of the Central Bank of Nigeria’s (CBN) proposed cash withdrawal limit policy for individuals and corporate organisations.
They said this in separate interviews with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
Emefiele, who spoke with newsmen in Daura, Katsina State, after briefing President Muhammadu Buhari, said the policy would be reviewed from time to time to accommodate the concerns raised by the people.
Dr Uju Ogubunka, former Executive Secretary, the Chartered Institute of Bankers of Nigeria (CIBN), said the apex bank proposing to review the policy was a welcome development.
“Proposing to review the withdrawal policy is the best because it’s not practicable due to today’s economic realities.
He noted that the Federal Government should be more concerned in investing in key infrastructure that would expedite the growth of the cashless policy and deepen financial inclusion.
Ogubunka said that such investment should be in the hinterlands where the internet penetration is quite weak with fewer sophisticated phones to carry out such transactions.
“The CBN must continue to educate the public about the significance of a cashless financial system and its implications for the economy,” he said.
Also, a former President of the CIBN, Mr Okechukwu Unegbu, urged the apex bank not to be rigid in the implementation of the policy.
Unegbu also said the announcement of the redesigned notes was already having a noticeable impact on the nation’s currency.
“The redesigned notes policy is quite commendable as the naira is freely losing its value to other currencies.
“We expect the currency to over time begin to gain some value, as the apex bank is firmly in control and the level of arbitrage will abate,” he said.
He noted that the redesigned notes could be managed in such a way that people engaged in nefarious acts would not find it easy to continue without being apprehended.
NAN
