“500m pieces of redesigned naira notes to be distributed nationwide” – CBN

After weeks of back and forths on the summon of CBN Governor; Godwin Emefiele, Bank's Deputy Governor, Aishah Ahmed appears before the House of Representatives in his stead; defends apex bank's decision on recent policies as based on research and in line with global best practice
adminDecember 22, 20223 min

After weeks of back and forth on the summon of CBN Governor; Godwin Emefiele, Bank’s Deputy Governor, Aishah Ahmed appears before the House of Representatives in his stead; defends apex bank’s decision on recent policies, as based on research and in line with global best practice

 

Naira


Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Finance System Stability, Aishah Ahmed has appeared before the House of Representatives to brief lawmakers on the Cash Withdrawal Policy of the apex bank.

According to the Deputy Governor, the Cashless Policy was first launched in 2012 and has been amended severally due to feedback from Nigerians. She added that the CBN has so far distributed five hundred million pieces of mint nationwide.

“In response to stakeholders’ complaints we have been flexible I’m the implementation of the policy,” Ahmed said, just as she noted that the policy was not aimed at prohibiting people from spending their  monies but to “protect the cost of moving cash, promote Nigeria positive image, protect people from armed robbery and other related advantages.”

READ ALSO: Naira Redesign: “Policy designed to distract Stamp Duty Probe” – Rep Kazaure 

 


Responding to questions from lawmakers, the Deputy Governor said that CBN decisions are always based on research,
explaining that there is an ongoing mass awareness on the withdrawal limits, new naira notes and features of the new notes.

She further stated that to make the withdrawal policy seamless, most bank agents can do what the apex bank is doing.

“The reason we have agents is because of the policy. We have made sure that the citizens are not disenfranchised. We are collaborating with the National Orientation Agency on mass sensitization to make people aware of what we are doing,” she said.

READ ALSO: How Reps reacted to CBN Cash Withdrawal Policy – “My heart bleeds for the people who voted us into power”

 

 

Asked by the Speaker, Femi Gbajabiamila, why the duration given for the retrieval of the old notes was short compared to the Bank of the UK, the Deputy Governor, noted that it was “global best practice.” The lawmakers, however, expressed concerns about the workability and success of the policy.

The Speaker appreciated the CBN Deputy Governor for the brief and excused her from the chamber for a continuation of plenary.

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