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Nigeria Overdue for Cashless Economy, Emefiele Insists on Withdrawal Limits
The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday, said the Nigerian economy was overdue to go cashless as the Federal Government had sufficiently invested in the required payment system infrastructure to make the transition seamless.
Emefiele said this shortly after meeting the Presiden Muhammadu Buhari at his native hometown of Daura, Katsina State.
Controversies have trailed the CBN’s latest policy which limits daily cash withdrawals to N20, 000 and weekly withdrawals of N100,000 for individuals.
But defending the CBN’s directive, Emefiele said, “I think it’s important for me to say that the cashless policy started in 2012. But on almost three to four occasions, we had to step down the policy because we felt that there is a need for us to prepare ourselves and deepen our payment system infrastructure in Nigeria.
“Between 2012 and 2022, almost about 10 years, we believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial service transactions in Nigeria.
“And we think Nigeria as the biggest economy in Africa needs to leapfrog into the cashless economy. We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitisation have gone cashless.”
Responding to the National Assembly’s rebuttal of the policy, Emefiele said the withdrawal limits were not cast in stone but would be reviewed upwards with time.
He argued that the CBN did not wish to make life difficult for Nigerians but only sought to better the economy.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tweaking some amount to be a little bit higher or a little bit lower, and all the rest of them.”
He added that the CBN would publish the names of all of its 1.4 million super agents to ease the return of old monies in unbanked communities.
On the amount of the old notes that had been returned to vaults, he said, “We have taken more than a trillion and in the bank we also have close to half a trillion.
Former Vice President, Atiku Abubakar has expressed deep shock and sadness over the killing of Brigadier General Musa Uba by terrorists.
This was released through his official X page on Monday.
Criticizing the military hierarchy for failing to provide a clear explanation of the incident, he noted that initial official statements had reportedly denied the circumstances surrounding the general’s death.
He further described the tragedy as “unequivocally a failure of political leadership.”
Atiku accused President Bola Tinubu of prioritizing political battles over his responsibilities as Commander-in-Chief of the Armed Forces.
He called Gen. Musa’s death, along with those of the troops under his command, “one death too many” and warned of the dangers of a resurgent terrorist threat.
He as well urged citizens and military personnel to remain resilient, saying, “Even this season shall pass away.”
In addition, he also directed a pointed message to the President, stating that the security of Nigerians is the government’s foremost responsibility.
“You must live up to it or be humble enough to admit incompetence and either ask for help or resign,” he added.
He suggested that, if he were President, he would order the military to occupy Borno State or any other areas under siege by bandits or armed groups until they are cleared, emphasizing the need to protect those risking their lives for national security.
He extended his condolences to the Nigerian Armed Forces, the family of the deceased, and all Nigerians, expressing hope that the nation would soon overcome this dark period.
The Super Eagles’ 2026 World Cup dream suffered a major blow on Sunday as DR Congo advanced to the intercontinental playoff following a dramatic penalty shootout at the Prince Moulay Abdellah Stadium in Rabat.
Nigeria’s hopes of qualifying ended in heartbreaking fashion, marking the second consecutive year the Super Eagles will miss out on the world stage.
The match ended 1–1 after 120 minutes of regulation and extra time, sending the high-stakes encounter to penalties.
Nigeria initially went ahead through Frank Onyeka in the third minute, but DR Congo equalised in the 32nd minute through M. Elia.
The tension continued into the penalty shootout.
Nigeria’s Calvin Bassey and Moses Simon missed early chances, while Nwabali denied DR Congo’s first penalty.
Akor Adams kept the Super Eagles alive, but DR Congo struck back through Sadique and later scored the decisive fourth penalty, leaving Nigeria trailing 4–3 in the shootout.
The victory sets up DR Congo for a chance to secure one of the final World Cup tickets to the expanded 48-team tournament in the United States, Canada, and Mexico.
Nigeria’s defeat marked the second consecutive year the Super Eagles will miss out on the world stage.
Both teams had earned their places in the final after dramatic semi-finals.
Nigeria had booked their place in the final with a dramatic 4–1 extra-time win over Gabon in Thursday’s semi-final at the Moulay El Hassan Stadium.
DR Congo also advanced with a 1–0 victory over Cameroon at the Al Barid Stadium the same evening.
The Leopards now await their intercontinental playoff opponent, keeping alive their hopes of reaching the 2026 World Cup, while the Super Eagles’ campaign comes to an agonising end in Rabat.
The Peoples Democratic Party (PDP) has expelled Minister of the Federal Capital Territory (FCT) Nyesom Wike, its suspended National Secretary, Samuel Anyanwu, and former Governor of Ekiti State, Ayo Fayose.
Their expulsion was announced on Saturday at the party’s National Convention in Ibadan, Oyo State.
