Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that the CBN will restrict the amount of money individuals can withdraw from their accounts.
Emefiele said, “We will restrict the volume of cash that people can withdraw over the counter.”
President Muhammadu Buhari and Godwin Emefiele today, November 23, in Abuja, unveiled the new naira banknotes of N200, N500, and N1000.
Godwin Emefiele to depositors: “If you need to withdraw a 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 the EFCC or ICPC can follow you and be sure that you are taking that money for good purposes.”
“In other countries, you will find, say in the US, 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 out forms,” Godwin Emefiele said.
You can read more of such stories at Credible News.
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“The problems we have had in the past is that we say this is a cash economy. There is no economy that is inbuilt thinking that it has to be cash economy.
“The world has moved away from a predominantly cash economy to a cashless economy.” “And I think Nigeria and the Central Bank of Nigeria is prepared at this time to move towards a cashless economy,” Godwin Emefiele added.
According to Godwin Emefiele, “We have to ensure that we do things the right way, which also positions us as leaders in Africa and one of the leading countries in the world.” “We must do things right, and I think it would start today.”
“What you can only find will be people making photocopies of these notes.” If you follow due process to check the authenticity of a currency, take them through the UV light, you will find that this currency cannot be counterfeited.”
“The best you will find are photocopies.” What I am trying to say is that to reduce the incidence of counterfeiting or photocopying, the CBN must now, without waiting every five to eight years, redesign and reissue these notes. “So that those who think they can take advantage of the system by counterfeiting will know that the game is over for them,” Godwin Emefiele said.
According to him, out of the N3.23 trillion that’s in circulation, N2.72 trillion has been outside the bank vault. “Those N2.72 trillion must return to the bank vault by January 31st, 2023, ” he vowed.
You can read more of such stories at Credible News and The Cheer News
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