The Central Bank of Nigeria (CBN) said on Friday that it’s cashless policy will go on as planned.
Speaking at the Monetary Policy Committee (MPC) meeting, CBN Governor Godwin Emefiele offered apology for perceived inconveniences. However, he insisted that the policy will progress as announced.
This is as the MPC advised the Federal Government to privatise some of its assets: “consequently, the MPC called on the government to as a matter of urgency adopt what it will term a ‘Big Bang’ approach towards building fiscal buffers by purposefully freeing up redundant public assets through an efficient and effective privatisation process,” Emefiele said.
Meanwhile the Governor explained that the cashless policy was suspended five years ago, although it is in force in five states plus FCT; the difference being that there was no penalty for the threshold transaction.
He also said that the CBN will go ahead and make it a national policy in March 2020.
Emefiele said that indeed that businesses and individuals in the pilot states have largely observed the policy.
According to him: “I sympathize and regret inconvenience cashless policy will cause bank customers.”
Speaking on the controversial judgement debt of $9.6 billion awarded to P&ID, the CBN governor maintained 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.”
At the end of the meeting, the MPC retained interest rates at 13.5% as well as other parameters.