We Will Restrict Volume Of Redesigned Naira Notes People Withdraw In Line With Cashless Policy, Says CBN Governor


Nigerians have been informed that, in the emerging regime of redesigned Naira notes, that the Central Bank would restrict the volume of cash that people can withdraw over the counter as a way of enforcing the implementation of the cashless policy nation wide.

This hint was given by the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele while briefing news men on Wednesday after the launch of the redesigned naira notes by President Muhammadu Buhari at the Council Chambers of the Presidential Villa, Abuja.

The CBN Governor further explained:

“If you need to withdraw large volume of cash, you will fill uncountable forms. We will take your data, whether it is your BVN, your NIN so that enforcement agencies like EFCC or ICPC can follow you and be sure that you are taking that money for good purpose”.


He warned Nigerians against holding of the old notes, saying there was no going back on the January 31st 2023 deadline to
completely render the old notes useless.


“In other countries, in the US, you want to withdraw $10,000 from the counter, you will be interrogated, you will fill numerous forms, they will even track the use of that $10,000 cash that you are withdrawing. Or you want to withdraw £10,000 from the counter, they will refuse and if you insist, then you will fill forms.


“ The world has moved away from predominantly cash to cashless economy. And I think Nigeria and the Central Bank of Nigeria is prepared at this time to move towards a cashless economy.


“And that is the reason for the reissue of these notes. We will insist that cashless would be nationwide. We will restrict the volume of cash that people can withdraw over the counter”, Emefiele emphasized.

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