On Tuesday, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, issued a public apology to Nigerians for the glitches that have been experienced while trying to effect various e-payment transactions.
The apology was given during a post Monetary Policy Committee (MPC) briefing that was held in Abuja. Mr. Emefiele took responsibility for the issues and pledged that the CBN is working tirelessly to resolve them.
The glitches that have been experienced by Nigerians while trying to effect e-payment transactions have caused a great deal of frustration and inconvenience for many people. The issues have affected a wide range of transactions, including online payments, ATM withdrawals, and POS transactions.
As a result, many people have been forced to endure long queues at banks and other financial institutions in order to complete transactions that would normally be handled electronically.
In light of these issues, Mr. Emefiele’s apology was a welcome gesture to many Nigerians who have been affected by the glitches. The governor acknowledged that the CBN has a responsibility to ensure that the banking system functions smoothly and efficiently, and he expressed his regret that this has not been the case in recent weeks.
In addition to apologizing for the glitches, Mr. Emefiele also made an important announcement about the amount of cash that is currently in circulation in Nigeria.
According to the governor, about one trillion naira cash is now in circulation. While this is a significant amount of money, Mr. Emefiele emphasized that the CBN will assess the cash situation to ensure that people do not begin to store cash outside the banking system for personal use as had been the case before the currency redesign.
The currency redesign that Mr. Emefiele referred to was a major initiative that was undertaken by the CBN in 2019. The goal of the redesign was to make it easier for Nigerians to access and use cash, while also reducing the amount of cash that was being stored outside the banking system.
The redesign involved the introduction of new banknotes and coins, as well as the implementation of new policies and procedures to promote the use of electronic payments.
Despite the challenges that have been experienced in recent weeks, Mr. Emefiele expressed confidence in the Nigerian banking system and in the ability of the CBN to address the issues that have arisen.
He emphasized that the CBN is committed to ensuring that Nigerians have access to reliable and efficient banking services, and he encouraged Nigerians to continue to use electronic payment methods whenever possible.
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