CBN orders NSPM to print N500m redesigned naira notes

The Central Bank of Nigeria has ordered printing of 500 million notes of the redesigned N200, N500 and N1,000 denominations through the Nigerian Security Printing and Minting Plc.

The Deputy Governor, Financial System Stability, CBN, Aisha Ahmad said this on Thursday while defending the cash withdrawal limits policy as she insisted that the policy was not targeted at vulnerable people.

Defending the policy while appearing before the House of Representatives, the Deputy Governor, Financial System Stability, CBN, Aisha Ahmad, declared that Nigeria could operate a cashless economy, noting that about 94 per cent of cash withdrawals through personal accounts were less than the revised N500,000 per week, while 82 per cent of those via corporate accounts were less than N5m.

Ahmad who represented the CBN Governor, Godwin Emefiele had twice failed to appear before the lawmakers to defend the policy which had generated a groundswell of opposition from Nigerians.

The apex bank had informed the House that Emefiele would not appear before the House in person, rather, Ahmad would lead the Committee of Governors before the lawmakers.

In her presentation to the House, the CBN deputy governor also noted that while some critics had expressed fears about the lack of commercial bank branches, especially in rural areas, data obtained by the CBN showed that people in remote locations had embraced online banking options.