The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says the apex bank will make it difficult for large cash withdrawals at banks as well as collaborate with law enforcement agencies like the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to track such heavy withdrawals.
This was made known by Emefiele at a press briefing after the unveiling of the new Naira notes by President Muhammadu Buhari on Wednesday in Abuja.
Emefiele said the promotion of the cashless policy initiative was the reason for the reissue of these notes, noting that the CBN will insist on the implementation of the policy nationwide as the country moves towards a cashless economy.
To complicate huge cash withdrawals: Emefiele, at the briefing, said that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawals would require several procedures and security checks to track use.
Control of money supply: The CBN boss noted that among other reasons, the redesigned notes would ensure that the apex bank has ample control over the amount of money in circulation.
He also pointed out that the redesign of the naira is not targeted at anyone while noting that the past attempts to redesign the naira notes were resisted.
For catchup: Recall on October 26, the CBN governor, Godwin Emefiele, while announcing the planned redesign of the high denomination naira notes by December 15, 2022, said that the initiative will aid security agencies in tackling illicit financial flow among other benefits.
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