Cash Withdrawal Limit, Naira Redesign Not Political – CBN

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(Last Updated On: 2022-12-23)

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has given assurance that the recent policy of the bank, including the cash withdrawal limit and the redesigning of naira notes, were not done for political reasons.

Emefiele also disclosed that the apex bank had ordered 500 million pieces of currency for the printing of the redesigned Naira notes.

Emefiele said this yesterday in Abuja while briefing members of the House of Representatives on the new policies of the bank during plenary.

The CBN governor, who was represented by the deputy governor in charge of Financial Systems Stability, Mrs Aisha Ahmad, said the policy was the outcome of critical thinking, research and other considerations.

“There was never a time when the CBN made policy decisions out of political considerations,” he said.

He explained that the new notes were ordered from the Nigerian Security Printing and Minting Company Limited.

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