Connect with us


Top Stories

Breaking! CBN Governor,Emefiele apologizes to Nigerians for online transaction failures (video)

Published

on

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has apologised to Nigerians for the rise in failed electronic banking transactions.

 

Advertisement

Nigerians have suffered hardships while conducting e-transactions after the CBN implemented the Naira redesign policy.

The CBN boss addressed this at the end of the two-day monetary policy committee meeting in Abuja on Tuesday, March 22.

Advertisement

 

Emefiele said:  “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.

Advertisement
READ ALSO:   Breaking: Boris Johnson fights for future as two more ministers resign...Tory MPs withdraw support 

“On a daily basis, our payments 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.”

 

Advertisement

He also praised fintechs for facilitating smooth transactions for Nigerians by reducing the strain on traditional banks.

 

Advertisement

On money supply, Emefiele said the implementation of the naira redesign policy has resulted in the reduction in currency outside the banks.

He said: “At the beginning of the naira redesign policy we said that there was about N3.23 trillion in circulation out of which only N500 billion was held in the banking system, while N2.73 trillion was outside the banks.

Advertisement
READ ALSO:   Breaking: Lagos Police Detains Burna Boy Security Details For Attempted Murder

 

“It was published yesterday that currency in circulation is close to N1 trillion. CBN will continue to pump the newly redesigned currency into the market.

Advertisement

 

“The truth is that at some point we will need to reassess to know whether the currency in circulation has attained an optimal level so as to put in place measures to ensure that we don’t go to the level where we were when people kept money outside the banking system for their own benefits.”

Advertisement

 

Watch him speak in the video below.

Advertisement
READ ALSO:   Nnamdi Kanu Reacts To FG's Order To Arrest Sunday Igboho Over Quit Notice To Herdsmen

 

 

Advertisement

Video Credit:LIB.

Advertisement
Advertisement

Also Read...