The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that it would work with law enforcement agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to complicate and track large withdrawals.
He said this while briefing the press after the launch the new Naira banknotes in Abuja on Wednesday.
At the briefing, Emefiele said that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawals would require several procedures and security checks to track use. He said this would ensure a steady transition into a cashless economy.
“There is no economy imbued with the thinking that it has to be a cash economy; the world has moved from predominantly cash to a cashless economy. And I think Nigeria and the Central Bank of Nigeria are prepared to move towards a cashless economy. And that is why following the redesign and issuance of this note, we will insist that cashless will be nationwide.
Meanwhile, one hundred and sixty-five billion old naira notes have so far been absorbed by commercial banks since the announcement of the planned launch of new naira notes on October 26. Director Currency, Central Bank of Nigeria (CBN), Ahmed Bello Umar, made the disclosure in Abuja at a post-Monetary Policy Committee media briefing. According to him, the amount deposited thus far was small compared to what the apex bank has anticipated.
He also revealed that the apex bank will from Thursday, begin reticulating the new naira notes to all its branches across the country since the currency has been officially launched by President Muhammadu Buhari at the presidential villa on Wednesday.
He added that the new notes will be available for spending from December 15, even as he reiterated the federal government’s position that the no extension will be given to the old naira notes beyond January 31.
He said: No extension will be given. From Thursday, we will start distribution to our networks and not to customers yet. “We have N3.2 trillion currency in circulation and out of this, N2.7 trillion is outside the banking system.
