Naira Redesign: CBN Has Received N165bn Worth Of Old Notes

Naira Redesign: CBN Has Received N165bn Worth Of Old Notes
Naira Redesign: CBN Has Received N165bn Worth Of Old Notes

Since requesting that old Naira notes be deposited, the Central Bank of Nigeria has received approximately N165 billion, according to information released by the institution.

Before the Federal Executive Council meeting started today, November 23, President Muhammadu Buhari introduced the freshly designed N200, N500, and N1000.

One month following the announcement, the CBN’s Director of Currency, Mr. Rasheed Adams, indicated during a post-briefing of the Monetary Policy Committee (MPC) meeting in Abuja that the figure is considerably over the total receipts it anticipated.

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He added that only a few Nigerians have stepped up despite several waivers by the apex bank on deposits. He emphasized that the January 23, 2023 date will not be extended.

The Central Bank of Nigeria estimates that there are currently N2.7 trillion outside the banking system.

Source; Tgtrends.com.ng

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