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    Akin Bolaji Akinremi
    The Central Bank of Nigeria recovered N1.9 trillion worth of currency outside the banking system in two months following the redesign of the naira notes. This reduced the currency outside the banking system from N2.7 trillion to N900 billion. The CBN governor also extended the deadline for returning the old notes by 10 days to February 10, 2023 to allow more time for people to swap their notes.

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    The Central Bank of Nigeria recovered N1.9 trillion worth of currency outside the banking system in two months following the redesign of the naira notes. This reduced the currency outside the banking system from N2.7 trillion to N900 billion. The CBN governor also extended the deadline for returning the old notes by 10 days to February 10, 2023 to allow more time for people to swap their notes.

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    The Central Bank of Nigeria recovered N1.9 trillion worth of currency outside the banking system in two months following the redesign of the naira notes. This reduced the currency outside the banking system from N2.7 trillion to N900 billion. The CBN governor also extended the deadline for returning the old notes by 10 days to February 10, 2023 to allow more time for people to swap their notes.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    40 views5 pages

    4 Good

    Uploaded by

    Akin Bolaji Akinremi
    The Central Bank of Nigeria recovered N1.9 trillion worth of currency outside the banking system in two months following the redesign of the naira notes. This reduced the currency outside the banking system from N2.7 trillion to N900 billion. The CBN governor also extended the deadline for returning the old notes by 10 days to February 10, 2023 to allow more time for people to swap their notes.

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    of 5

    15/02/2023, 19:11 CBN recovers N1.

    9tn in two months after naira redesign

    CBN recovers N1.9tn in two months after naira


    redesign
    30th January 2023

    CBN Governor, Godwin Emefiele

    By Matthew Agbaje
    The Central Bank of Nigeria said it recovered N1.9 trillion worth of currency in
    two months outside of the banking system following its naira notes redesign
    and cash swap policy.

    This was disclosed by the CBN governor Godwin Emefiele on Sunday, January
    29, 2023, as part of his updates following a meeting with the President, Major
    General Muhammadu Buhari (retd.).

    Emefiele noted that the apex bank had been able to reduce the currency
    outside the banking system to N900 billion from a whopping N2.7 trillion
    following the announcement of new naira notes.

    President Buhari in November 2022 had launched the new naira notes of
    N200, N500, and N1,000 denominations, which are aimed at combating
    counterfeiting, improving the effectiveness of monetary policy tools on
    inflation, as well as mopping excess liquidity.

    https://punchng.com/cbn-recovers-n1-9tn-in-two-months-after-naira-redesign/ 1/5
    15/02/2023, 19:11 CBN recovers N1.9tn in two months after naira redesign

    Emefiele said, “Ladies and gentlemen, available data at the Central Bank of
    Nigeria has shown that in 2015, currency in circulation was only N1.4 trillion.

    “As of October 2022, currency in circulation had risen to N3.23 trillion out of
    which only N500 billion was within the banking industry and N2.7 trillion held
    permanently in people’s homes.

    “Ordinarily, when the CBN releases currency into circulation, it is meant to be


    used and after effluxion of time, it returns to the CBN thereby keeping the
    Most Widely Read Newspaper
    volume of currency in circulation under the firm control of the CBN.
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    “So far and since the commencement of this programme, we have collected
    about N1.9 trillion.”

    The CBN governor also added that the initiative recorded over 75% success
    rate, out of the N2.7 trillion held outside the banking system.

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    Emefiele noted that Nigerians in the rural areas, villages, the aged and
    vulnerable had had the opportunity to swap their old notes; leveraging the
    naira swap initiative as well as the CBN senior staff nationwide sensitisation
    team exercise.

    Deadline Extension

    The CBN governor also announced the extension of the deadline by 10 days to
    February 10, 2023, to allow for the remaining old notes in the economy to be
    returned to the banks.

    “A 10-day extension of the deadline from January 31, 2023, to February 10,
    2023 to allow for the collection of more old notes legitimately held by
    Nigerians and achieve more success in cash swap in our rural communities
    after which all old notes outside the CBN lose their legal tender status.

    https://punchng.com/cbn-recovers-n1-9tn-in-two-months-after-naira-redesign/ 2/5
    15/02/2023, 19:11 CBN recovers N1.9tn in two months after naira redesign

    “Our CBN staff currently on mass mobilization and monitoring together with
    officials of the EFCC and ICPC will work together to achieve these objectives,”
    Emefiele said.

    He also noted that a seven-day grace period from 10 to 17 February 2023 is


    given to Nigerians to allow the depositing of old notes at the CBN after the
    deadline, in compliance with Sections 20(3) and 22 of the CBN Act.

    What this means: The huge recovery of circulating currency by the central
    bank, will help make monetary policy more effective in taming the inflation
    rate.

    Note that while the money supply and currency outside the bank vaults were
    still high, the CBN increased the monetary policy rate by a combined 500 basis
    points in 2022, which had minimal effect on the inflation rate.

    However, with the continuous hawkish stance of the apex bank, and more
    people in the banking system, together with the reduction of the OTC
    withdrawal limit, monetary tools will begin to have more impact in combating
    the inflation rate, which is already at a nearly 17-year high.

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