The Senate Committee on Banking, Insurance and other Financial Institutions has taken two Deputy Governors of the Central Bank of Nigeria (CBN) to task on the new policy of the apex bank limiting cash withdrawals to N100,000 for an individual and N500,000 for companies per week.
The Deputy Governor on Financial System Stability, Aishat Ahmad and Corporate Services, Edward Lametek Adamu appeared before the panel for screening following their nomination for re-appointment by President Muhammadu Buhari.
When asked the raison d’etre for the new policy, the Deputy Governor of CBN on Financial System Stability, Aishat Ahmad said the Cashless Policy was introduced in 2012 during former President Goodluck Jonathan ‘s administration and extended to Abuja and six other states in 2013.
She explained that though full implementation of the policy has not been carried out by CBN since then, but its introduction then, has brought a lot of transformation into the banking and payment system of the country.