The Governor of Central Bank of Nigeria, Godwin Emefiele, has said that the new monetary policy will create more opportunities, not just for people working in the banks to retool but also for mobile money agents.
This statement is in response to the complaints made by the House of Representatives, that the new policy would mean that people will start losing their jobs because people would stop going to the banks.
The apex bank has, however, explained that its research has shown that operators of mobile money services, otherwise known as Point-Of-Sale, were all together accommodated within the revised withdrawal limits.
Vanguard reported that Emefiele spoke through his deputy governor in charge of the Financial System Stability at the CBN, Aisha Ahmed, on Thursday when appearing before the House of Representatives plenary session in Abuja, to brief them on the new monetary policies.
He said that the timing for the implementation of the monetary policies especially the cash withdrawal limit is neither a perfect timing nor a bad one, adding that the 90 days notice in the estimation of the bank was ample time to get Nigerians sensitized.
He also informed that CBN was partnering the National Orientation Agency, NOA, and other similar bodies to fully create the needed public enlightenment on the new policies.
Ahmed said, “You asked a question. We ordered 500 million pieces of currency from the Mint. That is what has been ordered.
“You said this will mean that people will start losing their jobs because people would stop going to the banks. No, I think this will create more opportunity, not just for people working in the banks to retool. Technology change and innovation is a phenomenon happening all over the world.
“Of course, it is changing the types of jobs that people are doing. But it is also opening up new opportunities for them to do other things. So, I don’t see this as going to limit that. Indeed, the examples of agents (mobile bank agents) is a strong example that says that we created something, a platform, a business that was not there 10 years ago because we needed to solve a problem around ensuring that all areas in Nigeria were covered financially. That is just a small example of what technology can do. So, I don’t see this policy as making people lose their jobs.”
