The Central Bank of Nigeria  (CBN) on Thursday  sensitised  members of  Phone and Allied Products Dealers Association of Nigeria (PAPDAN) and other trade unions at the Computer Village, Ikeja, on Naira notes redesign and withdrawal limits.

The Director of  Legal  Department of CBN, Mr Kofo Salam-Alade,  said that the  aim  was to adequately educate  the traders on the developments.

He said that  the redesign became necessary because many  Naira notes in circulation were not in CBN or commercial  banks.

He said that such practice  was  not healthy  for Nigeria’s economy.

Salam-Alade  encouraged  Nigerians to return old N1000, N500 and N200 notes early to avoid  last-minute rush.

On withdrawal  limits, he said that all withdrawals were being tracked.

‘’All account are BVN-linked; if you withdraw from  Account A and Bank B, your data is feeding into a particular database.

Related News

‘When CBN needs to ask questions, it will ask.

‘’Remember  that CBN is not saying you cannot withdraw  any amount of money but there will be charges for withdrawal  above limits, and the person will fill certain forms,’’ he said.

He said that one would be called to answer questions on  withdrawals above  limits.

The President of  PAPDAN,  Mr Ifeanyi Akubue,  said that the association appreciated the reason for the Naira notes  redesign.

Akubue, however, said that the redesigned Naira notes had been scarce.

He urged  the CBN not to hesitate to sanction commercial  banks not dispensing the new notes. (NAN)