… Says Banks To Begin Distributing New Naira Notes
The Central Bank of Nigeria has vowed to continue with the new cash limit policy despite opposition of the policy by the Nigerian Senate.
The CBN Governor, Godwin Emefiele confirmed the development on Thursday during a routine briefing to President Muhammadu Buhari in Daura, Katsina State.
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The CBN on Tuesday announced a policy that restricts over-the-counter withdrawals for individuals to N100,000 and for corporates N500,000.
The CBN said withdrawals in excess of the limit would attract a five per cent and 10 per cent charge for individuals and corporates respectively. The policy will be effective on January 9, 2023.
Senate President, Ahmed Lawan, had on Wednesday warned the apex bank not to horridly introduce the cashless policy.
On Thursday, the House of Representatives asked the CBN to halt the implementation pending the conclusion of the probe.
But Emefiele said Nigeria as the giant of Africa cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank.
The CBN boss insisted that the policy would take effect on January 9, 2023, as scheduled despite uproar from the legislators.
Emefiele said, “He (Buhari) was very very happy and said we should carry on our work, no need to fear, no need to bother about anybody.
“Well, the senate of the Federal Republic is the National Assembly, they are the legislative arm of the government and from time to time we brief them about what is happening and about our policies and I’m aware that they have asked for some briefings and we will brief them. But I think it’s important for me to say that the cashless policy started in 2012.
“I said it at different fora, that this is not targeted at anybody, it’s just meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them.”
He said currently, the country has 1.4 million super agents across the country where people can conduct transactions.
On the redesigned bank notes, Emefiele said the currencies have been distributed to banks for circulation in due time.
He said, “We are more than prepared because I said December 15 when we announced it, we said December 15 is when we will issue the cash but we have to move it forward because it leaped, the President launched it on November 26 instead of December 15 that the President unveiled it.
“And I just told you now that yesterday, the banks have received the new cash and they have started dispensing them.
“I can only just assure you that it will go round, let us just be calm, luckily the old currency continued to be legal tender till January 31, 2023.
“So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful you again, so please take it to your bank as quickly as possible.”
Emefiele further revealed that over N500bn have been returned to the bank’s vault, while the banks have over N500bn.
According to him, there are efforts to process more new notes so that banks can return the old notes in their possession.
He said, “The central bank, we have taken more than half a trillion and in the bank we also have close to half a trillion. But what we have done in the central bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible and from there, banks can now move what they have with them.”