The governor of the Central Bank of Nigeria, Godwin Emefiele, said that the bank would collaborate with law enforcement agencies, the Economic and Financial Crimes Commissions, EFCC, and the Independent Independent Corrupt Practices and Other Related Offences Commission, ICPC, monitor and regulate heavy withdrawals from banks.
Emefiele said this in Abuja at a press briefing after the unveiling the newly redesigned 200, 500, and 1000 naira notes by President Muhammadu Buhari.
Emefiele said one of the motivations for the redesign of the currencies note was to promote the cashless policy of the bank, stating that the apex bank will push for the implementation of the policy across the nation as it pushes for a cashless economy.
He also pointed out that the withdrawable amount of cash at the counter in banks will be drastically reduced, stating that massive withdrawals will require extra procedures and security checks for usage tracking.
He said, “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.”
Emefiele said that with the redesign of the currency notes, the Central Bank will now take control over the amount of money in circulation.