The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that it would work with law enforcement agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to complicate and track large withdrawals.
He said this while briefing the press after the launch the new Naira banknotes in Abuja on Wednesday.
At the briefing, Emefiele said that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawals would require several procedures and security checks to track use.
He said this would ensure a steady transition into a cashless economy.
He also noted that this move alongside the redesigned notes would ensure that the apex bank has ample control over the amount of money in circulation.
The CBN Governor further argued that the new move is not targeted at anyone while noting that the past attempts to redesign the naira notes were resisted.
