Following its call for Nigerians to deposit all old notes in circulation, the Central Bank of Nigeria (CBN) has received a total of ₦165 billion.
Mr Rasheed Adams, Director of Currency at the CBN, stated this during a post-briefing of the Monetary Policy Committee (MPC) meeting in Abuja on Wednesday.
He explained that the figure is far in excess of the total receipts expected one month after the announcement.
Mr Rasheed expressed concern that, despite some waivers by the apex bank on deposits, only a few Nigerians have come forward, emphasizing that the January 23rd, 2023 deadline will not be extended.
The Nigerian Central Bank also stated that a total of ₦2.7 trillion is currently outside the banking system.
BizWatch Nigeria had reported that President Muhammadu Buhari unveiled the re-designed Naira Notes as proposed by CBN.
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria, stated on Tuesday that the president will unveil the newly designed ₦1,000, ₦500, and ₦200 notes.
Nigeria for the first time in 19 years has redesigned its currency notes.
During a briefing following the ceremony before the Federal Executive Council meeting (FEC), the CBN governor refuted claims that the early unveiling of the new notes was done to target specific Nigerians.
Mr Emefiele appealed to members of the public, urging them to desist from making such speculation, adding that that there is no need to perpetuate any such information.
According to him, the CBN will intensify the monitoring process and interrogate the process of withdrawals.
Emefiele maintained that there will be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.
The redesigned currency note he asserts can never be counterfeited, adding that to forestall such occurrence, the CBN will redesign the notes after every five to eight years.
