Emefiele: CBN Will Work With EFCC To Track Large Withdrawals

Governor of the Central Bank of Nigeria (@cenbank), Godwin Emefiele (@GodwinIEmefiele), has disclosed that the bank would work in partnership with agencies like the Economic and Financial Crimes Commission (@officialEFCC) to track large withdrawals.

Speaking at the launch of the new naira notes, Emefiele said, “There is no economy imbued with the thinking that it has to be a cash economy: the world has moved from predominantly cash to a cashless economy.

“And I think Nigeria and the Central Bank of Nigeria are prepared to move towards a cashless economy. And that is why following the redesign and issuance of this note, we will insist that cashless will be nationwide.

“We will restrict the volume of cash that people can withdraw over the counter. If you need to draw large volumes of cash, you will fill out uncountable forms; we will take your data, whether it’s your BVN or NIN so that our law enforcement agencies like EFCC and ICPC can follow you and be sure that you are taking that money for a good purpose,” he added.