The Central Bank of Nigeria (CBN) has received a total of 165 billion worth of Naira notes so far, following its call on Nigerians to deposit all old notes in circulation.
This was said by Rasheed Adams, Director of Currency for the CBN, during a post-MPC briefing on Wednesday in Abuja. One month following the release, he explained that the figure is far more than the organization expected in terms of total receipts.
Rasheed expressed concern that a few Nigerians had applied despite various concessions by the apex bank on deposits, emphasizing that there would be no extension on the January 23rd, 2023 deadline.
Furthermore, the Central Bank of Nigeria stated that N2.7 trillion is no longer in the banking system.
President Muhammadu Buhari unveiled the newly redesigned N200, N500, and N1,000 banknotes at the Presidential Villa, earlier than the December 15, 2022, date that was previously announced.