The Central Bank of Nigeria (CBN) says the new cash withdrawal limits policy was approved without political consideration. This is according to the apex bank’s Deputy Governor (Financial Systems Stability) Aisha Ahmed who spoke during an interaction with the House of Representatives in Abuja on Thursday.
While responding to a question on why the move is coming a few months before the general elections, she explained that the CBN is an independent body that takes well-thought-out decisions.
The CBN chief, who was representing the apex bank’s governor Godwin Emefiele, also said that 94 percent of all cash transactions in the country fall within the initial N100,000 while 82 percent of corporate transactions are below the N5 million threshold.
The new policy will limit costs associated with processing and moving cash as well as address terrorism financing, she added.