Naira Redesign: CBN To Partner EFCC To Track Large Withdrawals

Godwin Emefiele, the Governor of the Central Bank of Nigeria, has disclosed that that it would work with law enforcement agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to track large withdrawals.

The CBN Governor made this known while briefing the press after the launch of the new Naira banknotes in Abuja on Wednesday.

He said that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawals would require several procedures and security checks to track use.

He said this would ensure a steady transition into a cashless economy.

“There is no economy imbued with the thinking that it has to be a cash economy; the world has moved from predominantly cash to a cashless economy.

"And I think Nigeria and the Central Bank of Nigeria are prepared to move towards a cashless economy.

"And that is why following the redesign and issuance of this note, we will insist that cashless will be nationwide.

“We will restrict the volume of cash that people can withdraw over the counter.

"If you need to draw large volumes of cash, you will fill out uncountable forms; we will take your data, whether it’s your BVN or NIN so that our law enforcement agencies like EFCC and ICPC can follow you and be sure that you are taking that money for a good purpose.”