Governors Beg Buhari For Extension Of Old Naira Notes Deadline

Written by on February 8, 2023

The governors also urged Buhari to revisit the cashless policy of the Central Bank of Nigeria.

The governors, under the aegis Nigeria Governors’ Forum, made the demand in a letter addressed to the President dated February 6, 2023, signed by the Chairman of the Forum Governor Aminu Tambuwal of Sokoto State

Newsmen reports that the CBN had on December 6, 2022 directed all deposit money banks, and other financial institutions, payment service bank, primary mortgage banks and microfinance banks to limit the maximum cash withdrawal over the counter by individuals and corporate firms weekly to N100,000 and N500,000 respectively, adding that withdrawals above the lower limit would require processing fees of 5% and 10% respectively for individuals and corporate firms.

The apex bank further directed that third-party cheques above N50,000 shall not be suitable for OTC payment while extant limits of N10 million on clearing cheques stay, following the apex bank’s latest naira notes redesign

On the new naira notes, the governors urged the President to extend the span for implementation of the policy and order the CBN to ensure the availability of the new notes.


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