The former Deputy Governor of Central Bank of Nigeria (CBN), Kingsley Moghalu, has waded into debates regarding the implications of the recent Naira redesign policy and cash withdrawal limit by the apex financial institution in the country.
Further to the launch of the redesigned naira notes, the CBN Governor, Godwin Emefiele, had hitherto limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations regardless of their size.
The apex financial institution later increased its weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively, following concerns from stakeholders and Nigerians.
