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Business News of Sunday, 27 November 2022


Naira Redesign: CBN receives N165 billion old notes, begins circulation of new ones

The photo used to illustrate the story The photo used to illustrate the story

The Central Bank of Nigeria (CBN) started circulating the new naira notes after President Muhammadu Buhari unveiled them on Wednesday, November 23, 2022, in Abuja.

The apex bank also stated that it had received a total of N165 billion of the old notes since the announcement of its plans to introduce the new naira notes and asked Nigerians to deposit old ones.

CBN's director of currency, Rasheed Adam, said this during the post-Monetary Policy Committee meeting of the bank in Abuja on Wednesday, November 23, 2022.

The bank said the plan to redesign the naira is to control the currency in circulation.

The figure quoted by Adam exceeds the bank's expectations a month after making the announcement.

Adam stated that only a handful of Nigerians had come forward to deposit old notes in their possession despite the CBN's waivers, saying there would be no extension beyond January 31, 2022, deadline.

According to reports, CBN also said that about N2.7 trillion are outside the banking system.