The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Sunday disclosed that one of the reasons the Federal Government decided to redesign some currency denominations was because N2.7 trillion was sitting dormant in people’s homes prior to when President Muhammadu Buhari was elected in 2015.
He stated that in 2015, cash in circulation was barely N1.4 trillion, but by October 2022, it had climbed to N3.23 trillion, with only N500 billion in the banking industry.
Explaining further, the apex bank governor stated that normally, when the CBN releases cash into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.
He stated that since the start of the currency redesign and other monetary programs, “around N1.9 trillion has been collected, leaving us with approximately N900 billion (N500 billion + N1.9 trillion).
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“The deadline for the currency exchange has been pushed out from January 31, 2023, to February 10, 2023, with the President’s assent.”
Buhari had on Sunday, urged the CBN to allow more time, discretion and order to enable Nigerians successfully change their currencies to the redesigned notes, and reduce the risk of loss, especially among the underserved in rural areas.