CBN Begins Distribution Of New Naira Notes To Banks


The Central Bank Governor (CBN) says it has begun the distribution of the redesigned naira notes to Money Deposit Banks (DMBs) for onward circulation to the public. The apex bank’s Governor Godwin Emefiele confirmed this in the Daura country home of President Muhammadu Buhari yesterday.

Emefiele visited to Buhari following the National Assembly’s reservations over the CBN’s plan to impose restrictions on cash withdrawals from January 9. Under the CBN’s new withdrawal policy the maximum cash withdrawal over the counter by corporate organisations and individuals weekly is N100,000 and N500,000 respectively. According to the CBN, it won’t be rigid with the policy as it will be reviewing it from time to time. Speaking to reporters after the visit, Emefiele said Buhari was happy with the policy and urged him to go ahead, assuring him “not to fear; no need to bother about anybody”.

He said: “I’m visiting Daura to see the President and also greet him as part of my normal briefing that I normally carry out. “The briefing has been overdue and I thought he should be briefed on what is happening in the Central Bank, what’s happening in the economy. “There are so many things happening, issues bordering on the currency. Only yesterday, the new currencies reached the banks, and we expect the banks to begin the distribution of the currencies to the public and customers; and to assure the President that things are going on well about the currency and the issue bordering on the cashless policy that we recently introduced.”

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