Cash Scarcity: Emefiele Assures Nigerians Of Smooth Online Transactions

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has assured Nigerians of smooth online transactions.

Emefiele gave the assurance on Tuesday while addressing journalists at the end of the two-day meeting of the CBN's Monetary Policy Committee held in Abuja.

Emefiele admitted challenges faced by bank customers following the limit on cash withdrawals and said the CBN would sustain the current monetary regime following a rise in headline inflation which posed significant risks to the economy.

The CBN governor who apologised to Nigerians for the failed transactions being experienced stated that the issue is now resolved.

He said this just as the Monetary Policy Committee (MPC) of the central bank, resolved to raise the Monetary Policy Rate (MPR) otherwise known as an interest rate by 50 basis points to 18 percent from 17.5 per cent.

“I must apologise. Yes, online channels fail. But no doubt it is as a result of the deluge of online transactions that hit the banking industry. But it is being resolved.

“On a daily basis, our Payment System Management Department monitor the online payment platforms so as to make sure that when there is a downtime, they are quickly resolved so that transactions can go on smoothly.”

Emefiele assured that all Nigerian banks are safe due to the existing prudential guidelines instituted by the CBN to protect banks against collapse that will wipe out depositors’ money.

“No depositor has lost one kobo since 2008 from bank crisis because of the prudential guidelines put in place to protect depositors fund”, he added.

The CBN governor warned bank shareholders to be mindful of the fact that banking licence is a privilege and not a right as it can be withdrawn if shareholders misbehave.

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