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Nigeria Overdue for Cashless Economy, Emefiele Insists on Withdrawal Limits

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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.

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Cyril Ramaphosa Re-elected As South African President

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The South African Parliament has, during its first sitting of the 7th Parliament on Friday, re-elected Mr. Cyril Ramaphosa as the President of the Republic of South Africa. He has been re-elected to serve a second term as the President.

Thia was hours after his African National Congress and the Democratic Alliance (DA) agreed to form a coalition, setting aside their rivalry in a historic governance pact.

In terms of the Constitution, the National Assembly must, at its first sitting after its election, elect a woman or a man from among its members to be the President.

Mr. Ramaphosa was elected with 283 votes against Mr Julius Malema with 44 votes. The Constitution states that when elected President, a person ceases to be a member of the National Assembly and, within five days, must assume office by swearing or affirming faithfulness to the Republic and obedience to the Constitution.

The President-elect will be inaugurated during a ceremony in Pretoria which, according to the Constitution, should take place within five days after the President’s election.

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Finidi George Resigns As Super Eagles Coach

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Newly appointed Super Eagles coach, Finidi George, has resigned his appointment,  according to a post by ex-Super Eagles media officer, Toyin Ibitoye on X.com on Saturday.

He wrote, “News just in. Finidi George #FinidiGeorge_FG has resigned from his #NGSuperEagles manager position.”

The resignation follows the Nigeria Football Federation’s (NFF) decision to appoint a foreign coach to oversee him, despite his recent appointment in May.

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Appeal Court Insists Amaewhule, 26 Others Not Members of Rivers House of Assembly

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The Court of Appeal in Abuja, on Friday, refused to set aside a judgment ordering the removal of Martins Chike Amaewhule and 26 others as members of the Rivers State House of Assembly.

Justice Charles Wali of the Rivers State High Court, Port Harcourt, on May 30 declared the seats of the 27 lawmakers who dumped the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) in October last year vacant.

The judge, who delivered the ruling in a suit filed by the Speaker of the Assembly, Victor Oko Jumbo, and two others, also restrained Amaewhule from parading himself as Speaker of the Assembly.

Dissatisfied with the verdict, the aggrieved lawmakers approached the appellate court to set it aside.

However, at a virtual hearing of the matter on Friday, a three-member panel of the appellate court declared that the reversal of the lower court ruling would amount to pre-judging the appeal currently before it.

The panel, thereafter, fixed June 20 for the hearing of the appeal filed by the lawmakers in their quest to regain their seats in the Assembly.

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