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Emefiele to meet with Govs over withdrawal limit

Emefiele to meet with Govs over withdrawal limit


Governors of the 36 states have planned to meet with the Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday over the present withdrawal policy and the redesigned naira notes.

The governors under the auspices of the Nigeria Governors’ Forum through its spokesperson, Abdulrazaque Bello-Barkindo, in a statement Tuesday night said the governors would exchange ideas with Emefiele on “the economic and security implications of the current withdrawal policy and naira redesign.


On October 26, 2022, the CBN disclosed its decision to redesign the naira notes and subsequently directed Nigerians to change their naira notes from the banks on or before January 31, 2023.

Spokesperson Bello-Barkindo said the Chairman of the NGF, who is the Sokoto State Governor, Aminu Tambuwal, had invited Emefiele to meet with the governors on Thursday at 9:00 pm, virtually.

The spokesperson while referring to the NGF’s Director General, Mr. Asishana Okauru, noted that the virtual meeting would focus on the latest apex bank’s withdrawal policy and naira redesign.


He said, “For the virtual meeting, the agenda is titled, “The Economic and Security implications of naira redesign and withdrawal policy.

“The discussion promises to foster participation and dialogue between various stakeholders including governments and civil society organisations to come up with a solution to the lingering issue.”

The reporter reported how the CBN pegged the maximum weekly limit for cash withdrawals across by individuals and corporate organisations to N500,000 and N5 million, respectively.

Initially, the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.


It also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily.



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