Central Bank of Nigeria Governor Godwin Emefiele said it would work with law enforcement agencies such as the Economic and Financial Crimes Commission and the Independent Commission on Corrupt Practices and Other Related Crimes to complicate and trace large withdrawals.

He was speaking during a media briefing following the launch of the new naira note in Abuja on Wednesday.

During the briefing, Emefiele said that the amount that can be withdrawn over the counter will be significantly reduced, adding that batch withdrawals require several procedures and security checks to track usage.

This will ensure a steady transition to a cashless economy, he said.

“There is no economy filled with the idea that it has to be a cash economy; the world has moved from a cash-dominated economy to a cashless economy. I think Nigeria and the Central Bank of Nigeria are ready to move towards a cashless economy. That’s why in the redesign And after issuing this note, we will insist on going cashless across the country.

“We will limit the amount of cash people can withdraw over the counter. If you need to withdraw a lot of cash, you will fill out countless forms; we will obtain your data, whether it is your BVN or NIN, so that our law enforcement agencies (such as EFCC) and ICPC) can track you and make sure you are taking the money for a good purpose.”

He also noted that this move, along with the redesigned notes, would ensure that the central bank has sufficient control over the amount of money in circulation.

The CBN governor further argued that the new move is not aimed at anyone, while noting that past attempts to redesign the naira note have been resisted.

According to him, “By law, the Central Bank of Nigeria has the power to reissue and redesign currency for the country and the Nigerian people every five to eight years. I hope that after today’s events, the Central Bank of Nigeria can make this a part of its plan , to ensure that currency is designed or reissued every five to eight years.

“This is mainly because the central bank should be able to adequately control the size of the currency in circulation. This is the practical task of the Central Bank of Nigeria as it has an impact on the management of monetary policy in the country.

“There’s no need for anyone to think that this project is for anyone. He said, like you heard the president say, this discussion of redesigning and reissuing currency started at the beginning of this year.”

President Maj. Gen. (retired) Muhammadu Buhari said the change to the naira note was long overdue as the current tender has been in circulation for almost 20 years.

As he said, the newly designed banknotes have unique security features that make them difficult to counterfeit.

Buhari said this as he launched the new naira note at the Abuja State Assembly Hall shortly before the start of the Federal Executive Council meeting this week.

Buhari was also pleased that the redesigned currency was produced locally by the Nigerian Security Printing and Minting Corporation, according to a statement signed by Buhari’s special adviser on media and publicity, Femi Adesina.

In launching the new banknotes, the President noted that international best practice requires central banks and national authorities to issue new or redesigned banknotes every five to eight years.

He lamented that it had been almost 20 years since the last major redesign of the country’s local currency.

”This means Naira is long overdue for a new look.

“Banknote redesign cycles are often aimed at achieving specific goals, including but not limited to: improving banknote security, reducing counterfeiting, preserving collective national heritage, controlling currency in circulation, and reducing the overall cost of currency administration,” he said.

“The new naira notes have enhanced security features to make them difficult to counterfeit,” he added.

Explaining his reasons for approving the redesign, the president said there was an urgent need to control the amount of currency in circulation.



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