Aisha Ahmad, the Deputy Governor of the Central Bank of Nigeria, gave a presentation to the House of Representatives on the bank’s most recent policies on Thursday.
Godwin Emefiele, the governor of the Central Bank, was represented by Mrs. Ahmad as he was out from the country taking care of health issues. Because of the cash withdrawal cap and the currency redesign, the House had summoned the governor of the CBN.
A new policy limiting over-the-counter cash withdrawals by individuals and business organisations to N100,000 and N500,000, respectively, every week was announced by the CBN on December 6.
The CBN announced a modification of the policy on Wednesday, lowering the weekly withdrawal limits for individuals and organizations to N500,000 and N5,000,000, respectively.
The bank had corrected and revised the N1,000, N500, and N200 bills.
In answer to a query from Sada Soli (APC, Katsina) regarding the precise amount printed, she said, ““I am unable to share that now, only because I want to give an accurate figure,”
Despite her justification, a few participants still questioned the total worth of the new currency.
How much did the bank decide to print? queried Babajide Obanikoro (APC, Lagos).
Mark Gbillah (LP, Benue), in a similar vein, questioned Mrs. Ahmad over the complete cost of printing, whether or not the funds were appropriated by the National Assembly, and the overall value of the new currency.
Speaking on the implementation of the cash withdrawal limit policy, Mr. Soli, a legislator from Katsina, claimed that Nigeria’s banking industry lacked three essential components for the policy’s effectiveness. He views banks, telecommunications, and infrastructure related to power as being three of the most important. He mentioned the lack of such facilities in several rural locations.
Mr. Ahmad said that Nigeria had the financial resources necessary to put the strategy into effect.