Governors Not Opposed to Naira Redesign, Seek Engagement with CBN *Set up Soludo-led six-man committee *Fault NFIU’s ban on cash withdrawals from govt’s accounts *No going back on cash withdrawal limits, ag
*No going back on cash withdrawal limits, agency replies govsOnyebuchi Ezigbo, James Emejo in Abuja and Okon Bassey in Uyo
But in a swift reaction, the NFIU yesterday said that there is no going back on the cash withdrawal limit guidelines it issued earlier this month regarding the financial operations of the three tiers of government. In a communique issued yesterday following a virtual meeting held on Thursday where they received a briefing from the Governor of CBN, Emefiele, on the naira redesign policy and its economic and security implications, the governors expressed resolve to work closely with the CBN leadership to ameliorate areas that required policy variation.
The governors said that while they were not opposed to the objectives of the naira redesign policy, the apex bank should consider the peculiarities of households and states, especially on financial inclusion and under-served locations. “Collaborate with the CBN and the Nigerian Financial Intelligence Unit in advancing genuine objectives within the confines of our laws, noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate.
The statement noted that the Director of the NFIU, Modibbo Hamman Tukur, had stated at the end of his meeting with the governors that the agency was, however, ready to cooperate with the six-man committee set up to work with it. Tukur said the ban, scheduled to take effect from March 1, covers cash withdrawal from public accounts and payment of estacodes and travelling allowances.Meanwhile, in a move to address the concerns raised by the 36 governors on the challenges of financial inclusion and under-served locations, the CBN has launched a cash-swap programme in partnership with super agents and the banks.
The CBN explained that the agents shall exchange a maximum of N10, 000 per person, adding that amounts above N10, 000 may be treated as cash-in deposits into wallets or bank accounts in line with the cashless policy. Under the initiative, agents are mandated to sensitise customers on opening wallets/bank accounts and the various channels for conducting electronic transactions.
Also, cash swap agents will be readily identifiable in all local governments, particularly those in rural areas.
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