CBN sensitises phone dealers about Naira notes redesign, withdrawal limits

The Central Bank of Nigeria (CBN) on Thursday sensitised members of Phone and Allied Products Dealers Association of Nigeria (PAPDAN) and other trade unions at the Computer Village, Ikeja, on Naira notes redesign and withdrawal limits.

The Director of Legal Department of CBN, Mr Kofo Salam-Alade, said that the aim was to adequately educate the traders on the developments.

He said that the redesign became necessary because many Naira notes in circulation were not in CBN or commercial banks.

He said that such practice was not healthy for Nigeria’s economy.

Salam-Alade encouraged Nigerians to return old N1000, N500 and N200 notes early to avoid last-minute rush.

On withdrawal limits, he said that all withdrawals were being tracked.

“All account are BVN-linked; if you withdraw from Account A and Bank B, your data is feeding into a particular database.

When CBN needs to ask questions, it will ask.

“Remember that CBN is not saying you cannot withdraw any amount of money but there will be charges for withdrawal above limits, and the person will fill certain forms,” he said.

He said that one would be called to answer questions on withdrawals above limits.

The President of PAPDAN, Mr Ifeanyi Akubue, said that the association appreciated the reason for the Naira notes redesign.

Akubue, however, said that the redesigned Naira notes had been scarce.

He urged the CBN not to hesitate to sanction commercial banks not dispensing the new notes.