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Cashless Policy: CBN Apologizes, Sympathizes With Nigerians
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Cashless Policy: CBN Apologizes, Sympathizes With Nigerians

Jayfred Ugo

Jayfred Ugo

The Central Bank of Nigeria (CBN) has issued an apology to bank customers for the massive inconveniences caused by the newly introduced cashless policy.

The cashless policy was said to have incurred extra percentage of VAT for any bank deposit of N500,000 and above.

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, made the apology to Nigerians while giving the closing remarks at the Monetary Policy Committee (MPC) meeting in Abuja on Friday.

He said, “I sympathize and regret inconvenience cashless policy will cause bank customers.

"The policy is not designed to de-enfranchise hardworking Nigerians and businesses of their hard-earned money, but to encourage people to patronize online payment platforms.

“The charges under the cashless policy in Nigeria is not new. Before it was first launched in 2012, several engagements were held with multiple stakeholders. At inception, charges have always been on deposits and withdrawals.

“It was only suspended in 2014, because we (CBN) felt it was too early to begin to charge those who wanted to deposit money in the banks."

Godwin Emefiele made this apology when he was asked of his reaction to the resentment from Nigerians over the high return of charges on deposits and withdrawals beyond certain thresholds. He also spoke on the controversial judgement debt of $9.6 billion awarded to P&ID during a foreign court case.

“By the grace of God there is no threat to the reserves and we have received presidential approval that those indicted should be prosecuted," Emefiele said.