Naira Redesign: CBN says it has received ₦165 billion old notes, no deadline extension

The Central Bank of Nigeria (CBN) says it’s received an overall total of N165 billion to date as it announced plans to introduce new naira notes and asked Nigerians to deposit all old notes in circulation. 

This is made known by CBN’s director of currency, Rasheed Adams, at a post-press briefing of the Monetary Policy Committee (MPC) meeting on Wednesday in Abuja. 

The apex bank had said the initiative, which may affect the best denominations of N200, N500, and N1,000 notes are allowing the lender to assume control of the currency in circulation. 

The figure exceeds expectation: Adams has, however, explained that the figure he announced is far beyond the total receipts it expects, 30 days following the announcement was made. 

Mr. Rasheed expressed concerns that regardless of some waivers by the CBN on deposits, just a couple of Nigerians come forward, stressing that you will see no extension on the January 23rd, 2023 deadline. 

The CBN also noted a total of N2.7 trillion is beyond your banking system. 

For catchup: Recall on October 26, the CBN governor, Godwin Emefiele, while announcing the planned redesign of the high denomination naira notes by December 15, 2022, stated that the initiative will aid security agencies in tackling illicit financial flow among others. 

Based on the CBN, the present notes would cease to be regarded as legal tender by January 31, 2023. 

Emefiele said there was significant hoarding of naira notes by members of people, with statistics showing that over 80% of the currency in circulation was beyond the vaults of the commercial banks.