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Naira Redesign: N165 billion In Old Notes Received By

Since urging Nigerians to deposit their old Naira notes, the Central Bank of Nigeria has collected almost N165 billion, according to the bank’s announcement.

The revelation comes after President Muhammadu Buhari unveiled the newly designed N200, N500 and N1000 today, November 23, before the commencement of the Federal Executive Council meeting.

CBN’s Director of Currency Mr Rasheed Adams, who spoke at a post briefing of the Monetary Policy Committee (MPC) meeting in Abuja on Wednesday, said the figure is far beyond the total receipts it expects, one month after the announcement was made.

He also noted that in spite of some waivers by the apex bank on deposits, just a few Nigerians have come forward. He reiterated that there will be no extension on the January 23rd, 2023 deadline.

According to the Central Bank of Nigeria, a total of N2.7 trillion is currently outside the banking system.

Written by Izuchukwu E.N

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