Headlines
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.
President Bola Tinubu has held a private meeting with suspended Rivers State Governor Siminalayi Fubara in London, as part of efforts to resolve the political crisis rocking the oil-rich state, according to The Africa Report.
The paper reported that the meeting took place last week following Tinubu’s departure from Paris, and that the talks were initiated at Fubara’s request, amid his growing efforts to regain his position following his suspension and the imposition of a state of emergency in Rivers State.
During the meeting, Fubara reportedly pledged to make certain concessions in a bid to ease tensions. A senior presidential adviser, who spoke on condition of anonymity, revealed that negotiations are still ongoing but suggested that Fubara’s suspension is likely to be lifted before the six-month period elapses.
Another aide to the president indicated that Fubara is considering joining the ruling All Progressives Congress (APC), a move that could improve his standing with the presidency and enhance Tinubu’s political influence in the state. “If Fubara joins the APC, the president’s chances of winning Rivers State will increase significantly,” the aide noted.
Notably absent from the London talks was former Rivers Governor and current FCT Minister Nyesom Wike, who is reportedly uneasy about being sidelined in the reconciliation process. However, President Tinubu is expected to facilitate a broader meeting involving Fubara, Wike, and members of the Rivers State House of Assembly to find a lasting resolution to the impasse.
Pope Francis has died, the Vatican has announced in a video statement.
The first Latin American leader of the Roman Catholic Church, died at the age of 88 at 7:35 am (0535 GMT) on Monday, said Cardinal Kevin Farrell in a statement published by the Vatican on its Telegram channel.
Francis had suffered various ailments in his 12 year papacy, with severe complications in recent weeks after a bout of double pneumonia for which he spent five weeks in hospital.
His death comes one day after a brief appearance before thousands of Catholic pilgrims gathered in St Peter’s Square for the Vatican’s open-air Easter Sunday mass.
Source: Aljazeera
The International Monetary Fund (IMF) says that Nigeria faces significant uncertainty in its economic outlook despite wide-ranging reforms.
It, however, noted that the gains are yet to benefit all Nigerians with poverty and food insecurity remaining high.
Concluding its 2025 Article IV Consultations with Nigeria’s public policy executives during the week, IMF’s team, led by Axel Schimmelpfennig, its mission chief for Nigeria, acknowledged that Nigeria has taken important steps to stabilize the economy, enhance resilience, and support growth.
The IMF team had met with Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Agriculture and Food Security, Abubakar Kyari, Central Bank of Nigeria Governor, Yemi Cardoso, senior government and central bank officials, the Ministry of Environment, the private sector, academia, labour unions, and civil society.
Although the IMF representatives said these reforms have put Nigeria in a better position to navigate the external environment, the macroeconomic outlook remains marked by significant uncertainty.
They said that the elevated global risk sentiment and lower oil prices would impact the Nigerian economy.
They, therefore, recommended that macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.
The final report of the consultations stated: “The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth.
‘‘The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved.
‘‘Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.
‘‘The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
‘‘The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment. ‘‘Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.
“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy to bring down inflation.
‘‘To safeguard key spending priorities, it is imperative that fiscal savings from the fuel subsidy removal are channeled to the budget.
‘‘In particular, adjustments should protect critical, growth-enhancing investment, while accelerating and broadening the delivery of cash transfers under the World Bank-supported program to provide relief to those experiencing food insecurity.
“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty.
‘‘Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations.”
