Commercial banks in Nigeria’s major cities have begun issuing newly redesigned naira notes to over-the-counter consumers.
On October 26, 2022, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, stated that the apex bank will issue redesigned N200, N500, and N1,000 notes beginning December 15, 2022, with the new and existing currencies remaining legal tender and circulating together until January 31, 2023.
However, the Peoples Democratic Party (PDP) and other prominent Nigerians, including Edo State Governor Godwin Obaseki and the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, have criticized the naira redesign as having no economic basis.
JUST IN: Buhari To Unveil Redesigned Naira Notes On Wednesday – Emefiele
In the face of strong opposition, the apex bank directed Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities did not exceed N100,000 and N500,000, respectively.
The apex bank stated that the regulatory directives will go into force countrywide on January 9, 2023.
The CBN also set the daily limit withdrawals via point of sale (PoS) and Automatic Teller Machine (ATM) terminals at N20,000 and stated that only N200 and lower denominations would be placed into ATMs.
The Senate and House of Representatives have spoken out against the policy, requesting that the central bank change its withdrawal limitations, but the CBN has stated that there is no going back on the policy.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.