Human rights lawyer, Femi Falana, SAN, has said that the Central Bank of Nigeria (CBN) is yet to disclose the amount of redesigned naira notes it printed and supplied to each of the commercial banks. The Falana & Falana’s Chambers had since February 16, 2023, written to the CBN governor, requesting for information on the disbursement of the new naira notes to commercial banks. But after about two weeks, the CBN had yet to reply to the request.
Nigerian Central Bank Yet To Disclose Amount Of New Naira Notes Disbursed To Each Commercial Bank – FalanaThe Falana & Falana’s Chambers had since February 16, 2023, written to the CBN governor, requesting for information on the disbursement of the new naira notes to commercial banks.
The group also demanded that the CBN provide the list of customers who have withdrawn more than the N100,000 maximum sum required by the apex bank. “1. MAXIMUM CASH WITHDRAWAL; The Central Bank of Nigeria had on 6th December, 2022 announced a new policy limiting over-the-counter cash withdrawals by individuals and corporate entities to N100, 000 and N500, 000, respectively, per week. However, the CBN later announced a review of the policy with individual withdrawal limit pegged at N500,000 weekly and organisations N5 million weekly.
“3. ALLEGED DIVERSION OF BILLIONS OF NEW NAIRA NOTES BY POLITICIANS AND BANKS; Mr. Emefiele has however insisted that enough new Naira notes have been disbursed to the Commercial Banks. But he has since turned round to accuse unnamed politicians of capturing the billions of new Naira notes with the connivance of the management staff of the commercial banks.
“The President directed the CBN"shall ensure that new notes become more available and accessible to our citizens through the banks." It has however been revealed that the N200 note constitutes less than 10 percent of currency volume in circulation in the last seven years. The implication is that the presidential intervention, which is a belated acknowledgement of the fact that the CBN has not printed enough new Naira has not addressed the crisis of currency scarcity in the country.
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