New Currency: 1.9 Trillion Recovered By CBN After Naira Notes Redesign

Following the redesign of the naira note,The Central Bank of Nigerian (CBN) has since recovered N1.9 trillion worth of currency previously held outside of the banking system.

This was disclosed by the CBN governor Godwin Emefiele on Sunday, 29th January 2023, as part of his update following a meeting with President Buhari.

Emefiele noted that the apex bank has been able to reduce the currency outside the banking system to N900 billion from a whopping N2.7 trillion following the announcement of new naira notes.

Recall that President Buhari in November 2022 launched the new naira notes of N200, N500, and N1,000 denominations, which are aimed at combating counterfeiting, improving the effectiveness of monetary policy tools on inflation, as well as mopping excess liquidity.

The CBN Governor in a statement said “So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion (N500 billion + N1.9 billion),” he said.

Emefiele also added that the initiative has recorded over 75% success rate, out of the N2.7 trillion held outside the banking system. “Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes; leveraging the Agen Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise,” he noted.

“A 10-day extension of the deadline from January 31, 2023, to February 10. 2023; to allow for the collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN lose their legal tender status,” Emefiele said.

He also noted that a 7-day grace period from 10 to 17 February 2023 is given to Nigerians to allow the depositing of old notes at the CBN after the deadline, in compliance with Sections 20(3) and 22 of the CBN Act.