Following the directive, the Director of Currency, Central Bank of Nigeria (CBN) Amed B. Umar stated that new individual accounts in Nigerian banks should not exceed five million Naira , While old individual accounts should also not exceed Fifty Million Naira.
He also stated that those with multiple bank account would be monitored using their bank verification number (BVN) while those observed to be having large sum of money may loose it.
Respondents opined that it was an informed decision, targeted at some individuals to strangulate their economic powers.
The Respondents stated that some economist had argued that this is not the right time to redesign the Naira considering the up coming election while the minister of finance also claimed that she was not informed of the decision to redesign the Naira.
[: They suggested that the CBN should reconsider ways to improve the Naria rather than confisticating peoples funds.
They noted that Trillions of cash are trapped stressing that the CBN directive is a way of getting the money back into the system as a way of empowering the bank in fulfulling their obligation to Nigerians.
Respondents frowned against loss of fund to CBN directive as a result of redesigning the naira saying that the CBN has no right to confiscate legally earned money
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