The decision of the Central Bank of Nigeria (CBN) to redesign Nigeria’s naira notes has come under serious question and scrutiny by Nigerians. Nigerians have further questioned what seems to be an unexplained decision to restrict access to money in their accounts as announced by the CBN in a recent circular.
The Central Bank of Nigeria (CBN) on Tuesday, 6th December 2022, announced revised cash withdrawal limits for individuals and corporate bodies, which will come into effect on 9th January 2023. The revised withdrawal limits peg the amount of cash that can be withdrawn per week at N100,000 for individuals and N500,000 for corporate organisations. The maximum amount for daily cash withdrawal via Automated Teller Machine (ATM) and Point of Sale (POS) is now put at N20,000 and N100,000 weekly for ATM withdrawal.
The Senate at plenary on Wednesday, 7th December, deliberated on the development, raising concerns about its effect on Nigerians. The President of the Senate directed the Senate Committee on Banking, Insurance and other Financial Institutions which will be screening two re-appointed Deputy Governors of the Central Bank, to query the appointees on the new policy. This is with a view to gathering more information ahead of an extensive deliberation of a motion on the subject by the Senate, scheduled for Tuesday, 13th December.
Reacting to the policy, the House of Representatives passed a resolution inviting the CBN Governor, Godwin Emefiele to appear before the House on 15th December 2022 to provide explanations for the redesign of naira notes and the revised cash withdrawal limits.
Observers are left wondering whether these recent measures by the CBN are dictated by economic reasons or influenced by political motives.