Nigerian Governors Invite Emefiele on Naira Overhaul and Cash Withdrawal Policy
The Nigerian Governors Forum (NGF) has invited the Governor of the Central Bank of Nigeria, Godwin Emefiele, to a virtual meeting.
The meeting, which is due to be held virtually on Thursday, has the naira overhaul on its agenda as well as CBN's new cash withdrawal policy.
This was contained in a statement from the Forum's head of media and public affairs, Abdulrazaque Bello-Barkindo, on Tuesday evening.
According to the statement, the invitation to the CBN Governor was extended by Aminu Tambuwal, Chairman of the Forum and Governor of Sokoto.
For the virtual meeting, the agenda is titled “The Economic and Security Implications of the Naira Overhaul and Withdrawal Policy”.
The NGF also said the discussion promised to foster participation and dialogue among different stakeholders, including governments and civil society organizations, “to find a solution to the persistent problem.”
The invitation comes months after the apex bank announced plans to redesign the 100, 200, 500 and 1000 notes that are already in circulation. The CBN has said that the old banknotes will no longer be in circulation by the end of January.
The move, Emefiele said, is aimed at controlling the currency in circulation, managing inflation and combating counterfeiting.
In November, the CBN also announced a limit on cash withdrawals made by individuals and organizations starting January 9, 2023.
READ ALSO: Confusion as CBN Governor Emefiele returns to officeThe bank has ordered that over-the-counter cash withdrawals by individuals and corporations not exceed N100,000 and N500,000, respectively, per week. He also ordered that only denominations of N200 and below be loaded into bank ATMs.
The CBN has stated that the maximum cash withdrawal per week via an ATM should be N100,000, subject to a maximum cash withdrawal of N20,000 per day.
The policy has drawn mixed reactions among Nigerians. While some described the new policy as politically motivated, others lamented that the timeline was short.
In December, the Nigerian Senate asked the apex bank to “significantly adjust withdrawal limits” in response to public outcry over the policy.
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The Nigerian Governors Forum (NGF) has invited the Governor of the Central Bank of Nigeria, Godwin Emefiele, to a virtual meeting.
The meeting, which is due to be held virtually on Thursday, has the naira overhaul on its agenda as well as CBN's new cash withdrawal policy.
This was contained in a statement from the Forum's head of media and public affairs, Abdulrazaque Bello-Barkindo, on Tuesday evening.
According to the statement, the invitation to the CBN Governor was extended by Aminu Tambuwal, Chairman of the Forum and Governor of Sokoto.
For the virtual meeting, the agenda is titled “The Economic and Security Implications of the Naira Overhaul and Withdrawal Policy”.
The NGF also said the discussion promised to foster participation and dialogue among different stakeholders, including governments and civil society organizations, “to find a solution to the persistent problem.”
The invitation comes months after the apex bank announced plans to redesign the 100, 200, 500 and 1000 notes that are already in circulation. The CBN has said that the old banknotes will no longer be in circulation by the end of January.
The move, Emefiele said, is aimed at controlling the currency in circulation, managing inflation and combating counterfeiting.
In November, the CBN also announced a limit on cash withdrawals made by individuals and organizations starting January 9, 2023.
READ ALSO: Confusion as CBN Governor Emefiele returns to officeThe bank has ordered that over-the-counter cash withdrawals by individuals and corporations not exceed N100,000 and N500,000, respectively, per week. He also ordered that only denominations of N200 and below be loaded into bank ATMs.
The CBN has stated that the maximum cash withdrawal per week via an ATM should be N100,000, subject to a maximum cash withdrawal of N20,000 per day.
The policy has drawn mixed reactions among Nigerians. While some described the new policy as politically motivated, others lamented that the timeline was short.
In December, the Nigerian Senate asked the apex bank to “significantly adjust withdrawal limits” in response to public outcry over the policy.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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