By Oluyemi Ogunseyin 22 March 2023 | 12:49 pm The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Tuesday apologised to Nigerians for the failed online transactions. Emefiele admitted challenges faced by bank customers following the limit on cash withdrawals and said the CBN would sustain the current monetary regime following a rise in headline inflation which posed significant risks to the economy.… The apex bank recently extended the deadline for the swap of the newly designed N1,000, N500, and N200 notes from January 31st 2023 to 10th of February following an outcry from Nigerians. The Central Bank of Nigeria, Governor Godwin Emefiele appeared before the House of Representatives committee in Abuja, on the new naira redesign and swap policy on Tuesday, he said banks will still accept the old notes after the deadline. He said subject to Section 20, Subsection 3 of the CBN Act 2007 and even after the old currencies have lost legal tender status, the CBN will continue to accept the old notes. (Photo by Olukayode Jaiyeola/NurPhoto via Getty Images) The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Tuesday apologised to Nigerians for the failed online transactions. Emefiele admitted challenges faced by bank customers following the limit on cash withdrawals and said the CBN would sustain the current monetary regime following a rise in headline inflation which posed significant risks to the economy. He said this just as the Monetary Policy Committee (MPC) of the central bank, resolved to raise the Monetary Policy Rate (MPR) otherwise known as an interest rate by 50 basis points to 18 percent from 17.5 per cent. “I must apologise. Yes, online channels fail. But no doubt it is as a result of the deluge of online transactions that hit the banking industry. But it is being resolved,” Emefiele said while addressing journalists at the end of the two-day meeting of the committee in Abuja. “On a daily basis, our Payment System Management Department monitor the online payment platforms so as to make sure that when there is a downtime, they are quickly resolved so that transactions can go on smoothly.” Emefiele assured that all Nigerian banks are safe due to the existing prudential guidelines instituted by the CBN to protect banks against collapse that will wipe out depositors’ money. He added that “no depositor has lost one kobo since 2008 from bank crisis because of the prudential guidelines put in place to protect depositors fund”. The CBN governor warned bank shareholders to be mindful of the fact that “banking licence is a privilege and not a right as it can be withdrawn if shareholders misbehave. “We would rather dispense with the shareholders than put depositors money at risk.” 1 hour ago The Deputy Governorship candidate of the Young People’s Party (YPP), Cross River, Prince Agbor Onyi and Assistant Superintendent Immigration Officer, Asi Imojara and two others kidnapped in Cross River have regained freedom. 1 hour ago Olumide Oworu said the Independent National Electoral Commission (INEC) did not comply with a court order validating him as the Labour Party candidate contesting the Surulere 1 seat in the Lagos State House of Assembly. Oworu’s name was not listed among the candidates contesting the election by INEC on election day. The Labour Party candidate… 2 hours ago The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Tuesday apologised to Nigerians for the failed online transactions. Emefiele admitted challenges faced by bank customers following the limit on cash withdrawals and said the CBN would sustain the current monetary regime following a rise in headline inflation which posed significant risks to the economy.… 2 hours ago The Edo Association of the Deaf has tasked the Independent National Electoral Commission (INEC) on the use of electronic voting (e-voting) technology in the conduct of future elections. 3 hours ago After 14 months of toiling by officers and Ratings in the rough rivers and estuaries, the Nigerian Navy and Federal Ministry of Transportation have unveiled the navigational charts of the Lower River Niger. The unveiling was witnessed by the Minister of Transport, Secretary to the government of federation, Chief of Naval staff, captains of industry…
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