The Central Bank of Nigeria, CBN, Governor, Godwin Emefiele has apologised to Nigerians for failed online transactions.
Godwin Emefiele further went on to acknowledge the challenges faced by bank customers following the limit on cash withdrawals saying that was not the intended effect when the policy was created.
Emefiele also assured that all Nigerian banks are safe due to the existing prudential guidelines instituted by the CBN to protect banks against collapse.
Furthermore, he warned bank shareholders to be mindful of the fact that “banking licence is a privilege and not a right as it can be withdrawn if shareholders misbehave.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.”
The Monetary Policy Committee (MPC) of the central bank also resolved to raise the Monetary Policy Rate (MPR) by 50 basis points to 18 percent from 17.5 per cent.