With the new redesign came some changes in the country’s monetary policies, including a new withdrawal limit. The CBN’s mandated over-the-counter cash withdrawals by individuals and corporate entities were set at N100, 000 and N500, 000, respectively, per week.
On the 26th of October, 2022, the President of Nigeria, Muhammadu Buhari, alongside the governor of the Central Bank of Nigeria, Godwin Emefiele, unveiled Nigeria’s new currency designs.
This in turn sparked a protest amongst government officials who came to the governor’s defense, as the Court subsequently declined to order the arrest of Godwin Emefiele. The office of the DSS neither denied nor confirmed the arrest claims.
