Naira Redesign: CBN says it has received N165 billion old notes

Since it announced plans to introduce new naira notes and invited Nigerians to deposit all existing notes, the Central Bank of Nigeria (CBN) reports that it has received a total of N165 billion.

Rasheed Adams, the director of currency at the Central Bank of Nigeria (CBN), revealed this at a news conference following the Monetary Policy Committee (MPC) meeting on Wednesday in Abuja.

The goal of the effort, according to the apex bank, is to give the bank control over the currency in circulation and would apply to the highest denominations of N200, N500, and N1,000 notes.

One month following the release, Adams clarified that the sum is significantly higher than the expected total receipts. Even though the CBN has waived some deposit requirements, Mr. Rasheed expressed concern that just a small number of Nigerians have signed up, emphasizing that the deadline of January 23rd, 2023 will not be extended. A total of N2.7 trillion, according to the CBN, is now not in the banking system.

READ MORE: President Buhari unveils newly redesigned naira notes

Recall that on October 26, CBN Governor Godwin Emefiele stated that among other things, the move will help security agencies combat illicit financial flow. He made this statement while unveiling the planned redesign of the high denomination naira notes by December 15, 2022.

By January 31, 2023, the existing notes would no longer be regarded as legal tender, according to the CBN. Statistics suggest that more than 80% of the cash in circulation is not in the commercial banks’ vaults, according to Emefiele, who claimed that there is widespread hoarding of naira notes by the general public.