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The Central Bank of Nigeria (CBN) has started taking steps to set weekly limits of N100,000 and N500,000 for individual and corporate over-the-counter cash withdrawals, respectively.

It was reported that this was made known in a circular issued by the CBN on Tuesday. According to Nigeria’s apex bank, the new policy will take effect nationwide on January 9, 2023.

The CBN announced that, when the policy goes into effect, processing fees of 5% and 10%, respectively, will apply to all cash withdrawals that exceed the restrictions listed above.

Reports has it that this is coming after President Muhammadu Buhari unveiled the newly redesigned N200, N500, and N1000 banknotes.

Keep in mind that the CBN governor, Godwin Emefiele, disclosed in October that the central bank had lost track of N2.7 trillion of the currency that is currently in use in the nation.

Emefiele claimed that 80% of the nation’s cash was in circulation outside the country’s commercial banks’ vaults and charged Nigerians with hoarding bank notes by refusing to take them to banking institutions.

Director of Strategic Communication of the All Progressives Congress presidential campaign council, Mr Dele Alake, has spoken on why Asiwaju Bola Tinubu delegated questions while giving an address at the Chatham House.

On Monday, the APC presidential candidate spoke at the Chatham House in the United Kingdom.

At the Chatham House, Tinubu spoke about his action plan for Nigeria and addressed questions on the controversy concerning his age and refusal to attend the debate.

During the engagement, the APC presidential candidate asked some persons on his team, including Femi Gbajabiamila, speaker of the house of representatives, and Nasir el-Rufai, governor of Kaduna, to answer questions on his behalf.

Tinubu’s action has, however, elicited reactions on social media as some Nigerians have questioned his decision to not answer all the questions himself.

Speaking in an interview with Channels Television, Alake said delegating questions to team members is “one of the innovations” of Tinubu.

“This is one of the innovations of asiwaju Tinubu. Don’t forget that one of his main solid strengths has been identifying talents.

“Anybody who has his head properly screwed on his head would know that Asiwaju is the primus inter pares in team building; that is what he sought to display.

“Everybody acknowledges his talents in showcasing professional and technocratic experts in various fields. Those who are saying what you have just said are ignorant of the nuances and dynamics of leadership. Leadership is not a one-man show.

“Successful leadership is one based on a team that is professional and highly skilled. Asiwaju has been noted to be an advocate of that and that is what he displayed.

“Apart from delegating, he also answered questions personally and directly. He wanted to show the calibre of his team and that is what he equally did at the Eko Hotel town hall meeting.
“That style is being copied by some of his opponents but they can’t get the traction because they don’t have the solid team like he has,” he said.