Yemisi Izuora
The Central Bank of Nigeria (CBN) has sought understanding of the National Assembly on the ongoing reforms in the financial sector.
The Apex Bank said the backing of the legislature is required to facilitate implementation of transformational payments and financial industry initiatives in line with its mandate.
The CBN Governor, Mr Godwin Emefiele, made the call in his briefing to the House of Representatives plenary on the apex bank’s Naira redesign and cashless policies.
Emefiele was represented by the Deputy Governor, Financial Systems Stability, Mrs Aisha Ahmad.
He said that the cashless policy would boost economic opportunities for small businesses and rural communities to facilitate trade and improve livelihood, thereby boosting economic growth.
According to him, the reduction of cost of cash management and incidences of crime are some benefits of the cashless policy.
He added that the policy did not prohibit cash transactions above the prescribed limits.
“It is in public interest to promote an efficient payment system via the cashless policy which helps reduce the punitive costs of cash processing, ” he said.
The CBN Governor insisted that the Naira redesign and reintroduced cashless policy were apolitical and not targeted at any group.
Emefiele pledged CBN’s flexibility to make the necessary adjustments to ensure wider public acceptance of its policies.
He commended the the House of Representatives for its strong advocacy on behalf of the Nigerian people, adding that the new policies would not disenfranchise Nigerians in rural, under-served areas.
“We are committed to the seamless implementation of of Naira redesign and cashless policies, ” he said.
