Naira redesign: CBN has received N165bn worth of old notes

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.

Advertisment

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

Advertisment

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.

Advertisment

READ THIS  Lagos State Governor, Sanwo-Olu reacts to Sylvester Oromoni’s death

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.

Advertisment

Advertisment

Check Also

Atiku explains why he deleted tweet condemning k!lling of Deborah for alleged blasphemy (Video)

Atiku Abubakar, the People’s Democratic Party’s (PDP) presidential candidate, has given an explanation for why …

Leave a Reply

Your email address will not be published. Required fields are marked *