Governors of 36 States to Meet with CBN Governor to Discuss Withdrawal Policy and Naira Redesign

Governors of 36 States to Meet with CBN Governor to Discuss Withdrawal Policy and Naira Redesign
Godwin Emefiele

The governors of the 36 states in Nigeria have arranged a virtual meeting with the Central Bank of Nigeria’s Governor, Godwin Emefiele, to discuss the recent withdrawal policy and the redesign of the country’s currency, the naira.

The virtual meeting, which will take place at 9:00 pm on Thursday, will be chaired by Sokoto State Governor, Aminu Tambuwal, and will be attended by the governors of all 36 states in Nigeria. The governors, under the auspices of the Nigeria Governors’ Forum, will exchange ideas with Emefiele on the economic and security implications of the current withdrawal policy and naira redesign.

The meeting was called after the CBN announced its decision to redesign the naira notes and subsequently directed Nigerians to change their naira notes from the banks on or before January 31, 2023. The CBN’s new withdrawal policy includes a maximum weekly limit for cash withdrawals across by individuals and corporate organizations of N500,000 and N5 million respectively. Initially, the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organizations to N500,000, it also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily.

The spokesperson of the Nigeria Governors’ Forum, Abdulrazaque Bello-Barkindo, stated that the virtual meeting would focus on the latest apex bank’s withdrawal policy and naira redesign. He said, “The discussion promises to foster participation and dialogue between various stakeholders including governments and civil society organizations to come up with a solution to the lingering issue.” The meeting aims to provide a platform for discussions on the implications of the new policies and possible solutions to the challenges they have created.

The redesign of the naira notes and the new withdrawal policy have raised concerns among Nigerians, as they have caused difficulties for businesses and individuals in accessing cash. The virtual meeting between the governors and the CBN Governor is seen as an important step towards finding a solution to these issues and ensuring the stability of the Nigerian economy.

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