By Ezinwanne Onwuka
I am smitten with nostalgia when I remember the ‘good old days’. The days when N5,000 could buy a big fowl that would feed a family of six. How much did you buy a fowl last Christmas?
Oh! How could I have forgotten that Nigeria’s economy dealt with the majority of us last year so much so that we had no option but to be grateful for life and good health, and watch the clock tick away the minutes?
By Ezinwanne Onwuka
It was in October 2022 that the Central Bank of Nigeria, CBN, announced its intention to redesign the currency, which it said was in the best interest of Nigerians to check terrorism financing, counterfeiting and imbalances in the fiscal space, and to enable the apex bank to take control of the currency in circulation.
As a result of the currency redesign, the CBN also set the maximum cash withdrawal limit via the Automated Teller Machines and point of sale, PoS, agents at N20,000 per day for individuals subject to N100,000 per week, instructing commercial banks to load only denominations of N200 and below into the ATMs.
