CBN New Naira Policy Places Limits To Depositor’s Account
The Central Bank of Nigeria (CBN) has placed an embargo on the physical cash limit each depositor can deposit over the counter in the banks, due to the new naira policy.
The new naira depository policy, it added, would affect both old and new individual accounts holders
According to the Central Bank of Nigeria, individuals can only deposit N5 million for a new account and N50 million for an old account in one month.
The directive, issued by Central Bank of Nigeria Director of Currency Ahmed B. Umar, was a result of the planned new redesign of the naira, which is expected to take effect in December.
”Individuals will not be permitted to deposit more than N5 million if the transaction involves the opening of a new account within one month,” Umar said.
He explained that if the depositor’s transaction involves an old account, a maximum of N50 million is permitted to be deposited in cash.
Umar also stated that those who have multiple accounts will be monitored using the Bank Verification Number (BVN).
The objective of this embargo, he noted was to ensure that people who have amassed large sums of money amounting to billions of Naira will be at risk of losing their wealth.
It may be recalled that the Central Bank of Nigeria recently announced a plan by the Federal Government of Nigeria to redesign the various naira denominations, which range from N200 to N500 and N1,000, respectively.
You can read more of such stories at Credible News.
Meanwhile, the Chairman of the Economic and Financial Crimes Commission, EFCC,
Abdulrasheed Bawa, has disclosed that three serving state governors are being investigated for their efforts to launder stashed billions of naira through table payment of salaries to workers.
He stated that the raids on Bureau De Change operators would continue, and he urged Nigerians to support the system for the benefit of all.
This is a followup of the Central Bank of Nigeria (CBN) October 26 announcement that the country’s currency would be redesigned to address many issues that have a negative impact on the economy.
While the new notes will be available on December 15, Nigerians will have until January 31, 2023 to deposit their old notes in banks.
However, the mad rush by top politicians, traders, investors, and other members of the public to cut corners and convert stashed funds into dollars, real estate, and other assets has caused economic tension.
The Central Bank of Nigeria Governor, Godwin Emefiele, stated that the move was made to combat terrorism financing and public banknote hoarding. The N200, N500, and N1,000 notes will be redesigned by the central bank.
You can read more of such stories at Credible News and The Cheer News
