94% of cash transactions within N500, 000 new cash withdrawal limit, says Emefiele
The Central Bank of Nigeria (CBN) yesterday said 94 per cent of all cash transactions falls below the N500,000 new weekly cash withdrawal limit for individuals.
The apex bank also said 82 per cent of corporate transactions are below the new limit, noting that the adjustments to the revised cash withdrawal limits have sufficiently addressed fears over possible negative implications of the limits.
The CBN also disclosed that 500 million pieces of the redesigned naira notes were ordered from the Nigerian Security Printing and Minting Company Limited.
Governor, Central Bank of Nigeria (CBN), Mr. Godiwn Emefiele, said the central banker decided not to redesign the lower denomination of currency because they were the ones mainly used in the rural areas of the country.