New Notes: CBN Gov, Emefiele urges Nigerians to adapt to cashless policy

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said Nigerians should adapt to the new cashless policy.

He made this revelation on Tuesday March 21 during a press briefing in Abuja, the nation’s capital.

He apologized for the challenges the policy has made people pass through, especially while using the e-payment platforms.

The CBN chief said the cases were being resolved accordingly.

He said the difficultly which the people are passing through will soon become a past experience.

The CBN boss said, “no depositor has lost one kobo since 2008 from bank crisis because of the prudential guidelines put in place to protect depositors fund.”

He also said “banking licence is a privilege not a right it can be withdrawn if shareholders misbehave.

“We would rather dispense with the shareholders than put depositors money at risk,” the CBN governor stated.

The Informant247 earlier reported that the CBN’s Monetary Policy Committee (MPC) has uplifted the official interest rate by 50 basis point.

The economic policy was considered as a measure to tame inflation in Nigeria.

With the new development, the apex bank has brought official interest rate at 18% from 17.5% in January 2023.

The apex said the policy was control the inflation rate, considering the profits of previous high rate as reason behind the new development.

The Governor of the CBN made this revelation at media briefing on Tuesday March 21.

He said even though the inflation has increased, the tightening measure has remained a measure to control price and its tendency to increase.