Naira Redesign: Emefiele Apologises For E-Payment Glitches

*Raises MPR to 18%

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele has apologised to Nigerians for the glitches experienced while trying to effect various e-payment transactions.

Emefiele made the apology at the post Monetary Policy Committee (MPC) briefing in Abuja on Tuesday.

The CBN governor admitted that some “isolated cases still persist” but these cases were being resolved.

Responding to questions on the soundness of Nigerian banks in the wake of several banks collapse in the United States of America, Emefiele said Nigerian banks had zero exposure to the failed banks in the USA.

As a result, he assured that all Nigerian banks are safe and sound thanks to the existing prudential guidelines instituted by the CBN to protect banks against collapse that will wipe out depositors’ money.

According to Emefiele, “no depositor has lost one kobo since 2008 from bank crisis because of the prudential guidelines put in place to protect depositors fund.”

He also warned bank shareholders to mindful of the fact that “banking licence is a privilege not a right it can be withdrawn if shareholders misbehave.

“We would rather dispense with the shareholders than put depositors money at risk.”

At the end of the MPC meeting, it agreed to increase Monetary Policy Rate to 18 percent from previous 17.5 percent adopted in January.