CBN Receives N165bn Worth Of Currencies Being Rested

THE Central Bank of Nigeria (CBN) has confirmed receipt of N165 billion following its call on Nigerians to return all old naira notes in circulation.

CBN’s Director of Currency Rasheed Adams said this at a post-briefing of the Monetary Policy Committee (MPC) meeting in Abuja today.

CBN increases interest rate to 16.5%, amid concerns of inflation

Adeboye faults naira’s free fall amid CBN’s currency redesign policy

Adams explained that the figure was far below the total receipts the CBN was expecting, one month after the announcement was made.

He expressed concerns that despite waivers by the apex bank on deposits, only a few Nigerians had come forward to return the naira notes being rested.

He reiterated the apex bank’s warning that there would be no extension on the January 31, 2023 deadline on spending of the outgoing currencies.

The CBN estimated that a total of N2.7 trillion was outside the banking system.

The CBN governor, Godwin Emefiele, had once disclosed that statistics had shown that over 80 per cent of the currency in circulation was outside commercial banks’ vaults, which he said was fuelling illicit financial flow within the economy.

He further stressed that the worsening shortage of clean and fit bank notes, with its attendant negative perception of the CBN, had increased the risk of financial stability.