The Central Bank of Nigeria (CBN) had defended the cash withdrawal limits policy, insisting that it was not targeted at vulnerable people.

Defending the policy while appearing before the House of Representatives, the Deputy Governor, Financial System Stability, CBN, Aisha Ahmad, declared that Nigeria could operate a cashless economy.

She noted that about 94 percent of cash withdrawals through personal accounts were less than the revised 500,000 naira per week, while 82 percent of those via corporate accounts were less than five million naira.

Ahmad said data obtained by the CBN showed that people in remote locations had embraced online banking options.