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Naira Redesign: CBN recants, sets maximum bank deposits

Bature Magaji by Bature Magaji
November 5, 2022
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The Central Bank of Nigeria (CBN) has changed its former directives asking Nigerians to deposit whatever amount of the existing currency they have at the banks at no cost whatsoever and without any encumbrances. But Friday, the apex financial regulatory body changed the parameters, directing that individuals can only deposit N5 million for new accounts and N50 million for old accounts in one month.

The Director of Currency Operations at the CBN, Ahmed B. Umar, who issued the feesh directive said that individuals will not be allowed to deposit more than N5 million if the transaction involves a new account in one month and if the transaction involves an old account, then only a maximum of N50 million will be allowed.

He also warned that those with multiple accounts will be monitored via the Bank Verification Number (BVN), meaning that such deposits cannot be split into various bank accounts.

There has been controversy trailing the CBN’s announcement of change of currency, but disturbing video making the round, have made the ordinary Nigerians see the nation’s political leaders as very wicked and greedy, having seen where millions of Naira stashed away in homes and vehicles were damaged beyond use.

Nigerians have been calling on government to investigate the videos and bring those who have abused the Naira and horded money in that despicable manner to account.

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