February 2, 2023

The Central Bank of Nigeria (CBN) has said 500 million new naira notes have been ordered and would be printed soon.

Aishah Ahmad, deputy governor, financial systems stability of the apex bank stated this on Thursday, December 22, 2022, while being grilled by members of the house of representatives during the plenary session.

In November, President Muhammadu Buhari unveiled the redesigned naira notes of N1000, N500 and N200 denominations.

Since it went into circulation on December 15, there have been complaints of insufficient quantities available at deposit money banks.

The lawmakers are also expected to grill Ahmad, who is representing Godwin Emefiele, CBN governor, on the new cash withdrawal policy of the apex bank.

Meanwhile, the CBN had yesterday increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The development was contained in a letter addressed to banks on Wednesday, December 21, 2022.

The development comes two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.

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