Central Bank Governor Godwin Emefiele has publicly apologized to Nigerians for the difficulties they’ve faced with electronic banking transactions following the implementation of the Naira redesign policy. The CBN boss addressed this issue at the end of the two-day monetary policy committee meeting in Abuja on Tuesday, March 22.
Emefiele acknowledged that online channels have failed but attributed it to the high volume of online transactions in the banking industry. However, he assured Nigerians that the CBN is working to resolve these issues by monitoring payment platforms on a daily basis to ensure that downtime is quickly resolved.
The Governor also praised fin-techs for facilitating smooth transactions for Nigerians by reducing the strain on traditional banks. He stated that the implementation of the Naira redesign policy has led to a reduction in currency outside the banks, with N1 trillion currently in circulation compared to N3.23 trillion before the policy was implemented.
Emefiele went on to say that the CBN will continue to pump the newly redesigned currency into the market. However, he also acknowledged the need to reassess the optimal level of currency in circulation to prevent a situation where people keep money outside the banking system for their own benefits.