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CBN Chief, governors to meet over withdrawal limits, Naira redesign policy

Mr. Godwin Emefiele, Governor of CBN

*The State Governors, under the auspices of Nigeria Governors’ Forum, invite Godwin Emefiele, Governor of the Central Bank of Nigeria to a virtual meeting Thursday, January 18, over the socio-economic and security implications of the Bank’s cash withdrawal limits and Naira redesign policy

Isola Moses | ConsumerConnect

In connection with the ‘economic and security implications’ of the current cash withdrawal policy and Naira redesign, governors of the 36 states in Nigeria are expected to meet with Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) Thursday, January 18, 2023.

Abdulrazaque Bello-Barkindo, Spokesperson of the Nigeria Governors’ Forum (NGF) Tuesday, January 17, 2023, stated the governors under the auspices of the Forum would exchange ideas with Mr. Emefiele on the socio-economic and security implications of the Bank’s monetary policy.

ConsumerConnect had reported the Bankers’ Bank October 26, 2022, disclosed its decision to redesign the Naira notes, and subsequently directed Nigerian consumers to change their banknotes at the commercial banks on or before January 31, 2023.

Bello-Barkindo also said Governor Aminu Tambuwal of Sokoto State and Chairman of NGF, had  invited the CBN Governor to meet with the state governors Thursday at 9:00 p.m., virtually.

The Spokesperson further stated that Mr. Asishana Okauru, Director-General of NGF, noted the virtual meeting with the CBN Chief would focus on the Bank’s withdrawal policy and Naira redesign.

Bello-Barkindo said: “For the virtual meeting, the agenda is titled, “The Economic and Security implications of Naira redesign and withdrawal policy’.

“The discussion promises to foster participation and dialogue between various stakeholders, including governments and civil society organisations to come up with a solution to the lingering issue.”

The CBN pegged the maximum weekly limit for cash withdrawals across by individuals and corporate organisations to N500,000 and N5 million, respectively.

It is recalled the CBN earlier had reduced the weekly Over-the-Counter (OTC) cash withdrawal limits for individuals to N100,000 and for corporate organisations to N500,000 respectively.

The banking sector regulator also reduced cash withdrawals via the Automated Teller Machines (ATMs) and Point of Sale (PoS) terminals to N20,000 daily.

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