Indications have emerged that both the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practices & Other Related Offences Commission (ICPC) will collaborate with commercial banks to track large withdrawals as the CBN launches new naira notes.
Investors King reported yesterday that President Muhammadu Buhari has unveiled the new naira notes ahead of their circulation.
While briefing the press after the launch, the central bank governor, Godwin Emefiele noted that the apex bank will engage the service of both EFCC and ICPC to monitor large withdrawals from banks.
Emefiele disclosed that the amount of money that can be withdrawn from the counter would be reduced drastically.
He added that bulk withdrawals would require several procedures and security checks to track use.
“We will restrict the volume of cash that people can withdraw over the counter. If you need to draw large volumes of cash, you will fill out uncountable forms; we will take your data, whether it’s your BVN or NIN so that our law enforcement agencies like EFCC and ICPC can follow you and be sure that you are taking that money for a good purpose,” he said.
The CBN governor however refuted that the policy is aimed at anyone. There has been speculation that the currency redesign was targeted at some politicians especially those in the opposition.
“There is no need for anybody to think this program is targeted at anyone. Like you heard the President, he said, this discussion to redesign and reissue currency started early in the year,” he stated.
It could be recalled that the central bank announced its intention to redesign N200, N500, and N1000 in October 2022.
While making the announcement, the CBN governor noted that the policy is aimed to address the excesses of currency circulation, counterfeiting and terrorism.
Emefiele said there was significant hoarding of naira notes by members of the public, with statistics showing that over 80 percent of the currency in circulation was outside the vaults of the commercial banks.
