He Forum of Governors of Nigeria (NGF) has invited the Governor of the Central Bank of Nigeria, Godwin Emefiele, to a virtual meeting.
The meeting, which is scheduled to be held virtually on Thursday, has the redesign of the naira as well as CBN’s new cash withdrawal policy on its agenda.
This was contained 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 is titled “The economic and security implications of the naira redesign and withdrawal policy.”
The NGF also said that the discussion promises to encourage participation and dialogue among various stakeholders, including governments and civil society organizations, “to find a solution to the persistent problem.”
The invitation comes months after the central bank announced plans to redesign the 100, 200, 500 and 1,000 notes already in circulation. The CBN has said that the old notes will stop circulating at the end of January.
The measure, Emefiele said, aims to control the currency in circulation, control inflation and combat counterfeiting.
In November, the CBN also announced a limit on cash withdrawals made by individuals and organizations from January 9, 2023.
The bank mandated that over-the-counter cash withdrawals by individuals and legal entities not exceed N100,000 and N500,000, respectively, per week. It also mandated that only N200 and lower denominations should be loaded at bank ATMs.
The CBN said the maximum cash withdrawal per week via an ATM should be N100,000 subject to a maximum cash withdrawal of N20,000 per day.
The policy generated mixed reactions among Nigerians. While some described the new policy as politically motivated, others lamented that the deadline was short.
In December, the Nigerian Senate asked the central bank to “substantially tighten withdrawal limits” in response to public outcry over the policy.
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