Emefiele apologizes to Nigerians for failed online transactions (video)

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

Nigerians suffered difficulties in electronic transactions after the CBN implemented the Naira Recast Policy.

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

Emefiele said: “I have to apologise. Yes, online channels fail. But it’s probably as a result of the deluge of online transactions that hit the banking sector. But it is being resolved.

“On a day-to-day basis, our payment systems management department monitors online payment platforms to ensure that when there is any downtime, they are quickly resolved so that transactions can run smoothly. “

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

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

He said, “At the start of the naira overhaul policy, we said there were about 3.23 trillion naira in circulation, of which only 500 billion naira was held in the banking system, while 2. 73 trillion naira was outside the banks.

“It was released yesterday that the currency in circulation is close to 1 trillion naira. CBN will continue to inject the newly redesigned currency into the market.

“The truth is that at some point we will have to reassess whether the currency in circulation has reached an optimal level in order to put measures in place to ensure that we do not go back to the level where we were when the people were keeping money outside the banking system for their own benefit.

Watch him speak in the video below.