Naira Redesign: CBN Says It Has Received N165 Billion Old Notes, No Deadline Extension


the Central Bank of Nigeria (CBN) says it has received a total of N165 billion so far since announcing plans to introduce new naira notes and asking Nigerians to deposit all old notes in circulation.

This was made known by CBN’s currency director, Rasheed Adams, at a press briefing after the Monetary Policy Committee (MPC) meeting on Wednesday in Abuja.

The main bank had said the move, which would affect the higher denominations of N200, N500 and N1,000 notes, is to allow the bank to take control of the currency in circulation.

The figure exceeds expectations: However, Adams has explained that the figure he announced far exceeds the total revenue he expects, one month after the announcement was made.

Mr Rasheed expressed concern that despite some CBN exemptions on deposits, only a few Nigerians have come forward, stressing that there will be no extension on the January 23, 2023 deadline.

The news continues after this announcement.

The CBN also noted that a total of N2.7 trillion is currently outside the banking system.

To catch: Recall that on October 26, CBN Governor Godwin Emefiele, while announcing the planned redesign of high denomination naira banknotes by December 15, 2022, said that the initiative will help security agencies address the flow illicit finance, among others.

According to the CBN, existing banknotes would cease to be considered legal tender as of January 31, 2023.

The news continues after this announcement.

Emefiele said there was significant hoarding of naira notes by the public, with statistics showing more than 80% of the currency in circulation was outside commercial bank vaults.


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