New naira: CBN, EFCC to track large withdrawals

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Pres. Buhari unveils redesigned naira notes
Pres. Buhari unveils redesigned naira notes

The Governor of the Central Bank of Nigeria, Godwin Emefiele has said 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 complicate and track large withdrawals.

He said this while briefing the press after the launch the new Naira banknotes in Abuja on Wednesday.

At the briefing, Emefiele said that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawals would require several procedures and security checks to track use.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

He also noted that this move alongside the redesigned notes would ensure that the apex bank has ample control over the amount of money in circulation.

The CBN Governor further argued that the new move is not targeted at anyone while noting that the past attempts to redesign the naira notes were resisted.

President Muhammadu Buhari said the naira notes are long overdue for a change as the current tender has been in circulation for nearly 20 years.

This was as he said the newly redesigned notes have unique security features that make them difficult to counterfeit.

Buhari said this when he launched the new Naira banknotes at the council chamber of the State House, Abuja, shortly before the kick-off of this week’s Federal Executive Council meeting.