{"id":103802,"date":"2023-03-22T19:39:56","date_gmt":"2023-03-22T18:39:56","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=103802"},"modified":"2023-03-22T19:39:56","modified_gmt":"2023-03-22T18:39:56","slug":"emefiele-apologises-over-failed-electronic-transactions-promises-quick-resolution","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/emefiele-apologises-over-failed-electronic-transactions-promises-quick-resolution\/","title":{"rendered":"Emefiele apologises over failed electronic transactions, promises quick resolution"},"content":{"rendered":"<div id=\"m#msg-f:1761092731583967705\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Mr Godwin Emefiele: CBN Governor.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\">Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has apologised to Nigerians for the rise in failed electronic banking transactions.<\/p>\n<p>The CBN boss spoke at the end of the two-day monetary policy committee meeting in Abuja on Tuesday.<\/p>\n<p>Since the implementation of the naira redesign policy and subsequent cash shortage, Nigerians have had a terrible time experiencing successful banking transactions made through their mobile apps, USSD platforms and debit cards.<\/p>\n<p>Speaking on the matter, Emefiele said the apex\u2019s bank payments system management department made efforts to ensure that downtime on electronic banking channels were quickly resolved.<\/p>\n<p>\u201cI 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,\u201d Emefiele said.<\/p>\n<p>\u201cOn 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.\u201d<\/p>\n<p>He also praised fintechs for facilitating smooth transactions for Nigerians by reducing the strain on traditional banks.<\/p>\n<p>On money supply, Emefiele said the implementation of the naira redesign policy has resulted in the reduction in currency outside the banks.<\/p>\n<p>\u201cAt 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,\u201d the CBN governor said.<\/p>\n<p>\u201cIt was published yesterday that currency in circulation is close to N1 trillion. CBN will continue to pump the newly redesigned currency into the market.<\/p>\n<p>\u201cThe 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\u2019t go to the level where we were when people kept money outside the banking system for their own benefits\u201d.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Mr Godwin Emefiele: CBN Governor. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has apologised to Nigerians for the rise in failed electronic banking transactions. The CBN boss&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":93230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-103802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Emefiele apologises over failed electronic transactions, promises quick resolution - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/emefiele-apologises-over-failed-electronic-transactions-promises-quick-resolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emefiele apologises over failed electronic transactions, promises quick resolution - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Mr Godwin Emefiele: CBN Governor. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has apologised to Nigerians for the rise in failed electronic banking transactions. 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