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Naira Redesign: CBN Receives N165bn Worth Of Old Notes

The CBN had on October 26, 2022, said it will redesign the N200, N500, and N1,000 notes in order to take control of the currency in circulation.
 

The Central Bank of Nigeria (CBN) has received a total of N165 billion so far following its call on Nigerians to deposit all old notes in circulation.

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

Mr Rasheed expressed concerns that in spite of some waivers by the apex bank on deposits, just a few Nigerians have come forward, stressing that there will be no extension on the January 23rd, 2023 deadline.

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

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