At Nigerian Governors Forum (NGF) has invited the Governor of the Central Bank of Nigeria, Godwin Emefiele, to a virtual meeting.
The meeting, scheduled for almost Thursday, has on its agenda, the redesign of the naira as well as the CBN’s new policy on cash withdrawal.
This was announced in a statement by the Forum’s Head of Media and Public Affairs, Abdulrazaque Bello-Barkindo, on Tuesday night.
According to the statement, the invitation to the CBN Governor was issued by Aminu Tambuwal, chairman of the Forum and governor of Sokoto.
For the virtual meeting, the agenda was titled “Economic and Security Implications of the naira redesign and withdrawal policy.”
The NGF also said that the discussion promises to promote participation and dialogue between various stakeholders including the government and civil society organizations “to provide solutions to the remaining problems.”
The invitation comes months after the apex bank announced plans to redesign the 100, 200, 500 and 1,000 notes already in circulation. The CBN said the old notes will be out of circulation by the end of January.
The move, Mr. Emefiele said, is aimed at controlling currency in circulation, managing inflation, and dealing with counterfeiting.
In November, the CBN also announced restrictions on cash withdrawals by individuals and organizations from January 9, 2023.
Also read: Confusion as CBN governor Emefiele resumes duties
The bank mandated that over-the-counter cash withdrawals by individuals and corporate entities should not exceed N100, 000 and N500,000, respectively, per week. It also directed that only N200 and below denominations should be loaded into bank ATM machines.
The CBN said the weekly maximum cash withdrawal through ATMs should be N100,000 subject to a maximum daily cash withdrawal of N20,000.
The policy generated mixed reactions among Nigerians. While some have described the new policy as politically motivated, others are angry that the timeline is short.
In December, Nigeria’s Senate asked the apex bank to “adjust withdrawal limits” in response to public outcry over the policy.
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