Naira redesign: CBN has received N165bn worth of old notes

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Since proposing that old Naira notes be deposited, the Central Bank of Nigeria has received approximately N165 billion, according to information by central bank of nigeria.

Before the Federal Executive Council meeting started today, November 23, President Muhammadu Buhari introduced the newly designed N200, N500, and N1000.

One month after the announcement, the CBN’s Director of Currency, Mr. Rasheed Adams, indicated during a post-briefing of the Monetary Policy Committee (MPC) meeting in Abuja that the figure is considerably over the total receipts it expected.

He added that only a few Nigerians have stepped forward despite several waivers by the apex bank on deposits. He emphasized that the January 23, 2023 date will not be extended.

The Central Bank of Nigeria estimates that there are currently N2.7 trillion outside the banking sector.