Naira Redesign Not Targeted at Anyone – CBN

The Central Bank of Nigeria has debunked the impression that the redesigning of the naira notes is targeted at some group of people.

This was made known by the CBN’s director of currency, Rasheed Adams, at a post-press briefing of the Monetary Policy Committee (MPC) meeting on Wednesday in Abuja.

Fielding questions from State House reporters after the launch of the redesigned naira notes by President Muhammadu Buhari at the Council Chambers of the Presidential Villa, Abuja, Emefiele said: “Our policy of redesign and reissue is not targeted at anyone.

“But of course, we have the laws and we will indeed be more intense in ensuring that the provisions of the law and our CBN regulations about the size and volume of currency that people can carry, or hold or withdraw we will insist that this is done going forward.

“In other countries, in the US, you want to withdraw $10,000 from the counter, you will be interrogated, you will fill numerous forms, they will even track the use of that $10,000 cash that you are withdrawing. Or if you want to withdraw £10,000 from the counter, they will refuse and if you insist, then you will fill out forms.

“The problem we have had in the past is that we say this is a cash economy. There is no economy that is inbuilt thinking that it has to be a cash economy.

“The world has moved away from predominantly cash to a cashless economy. And I think Nigeria and the Central Bank of Nigeria are prepared at this time to move towards a cashless economy.

“And that is the reason why, with the reissue of these notes, we will insist that cashless be nationwide. We will restrict the volume of cash that people can withdraw over the counter.

“If you need to withdraw a large volume of cash, you will fill out uncountable forms. We will take your data, whether it is your BVN, or your NIN, so that enforcement agencies like the EFCC or ICPC can follow you and be sure that you are taking that money for a good purpose.