The Central Bank of Nigeria said that it has recieved N1.9 trillion worth of currency in just two months outside of the banking system since inception of the cash swap and and new Naira notes policy.
The CBN Governor, Godwin Emefiele, revealed this during his press update on Sunday, January 29, 2023, as part of his updates following a meeting with the president.
Mr. Emefiele said that CBN has also successfully reduce the currency outside the banking system from N2.7 trillion to N900 billion, since the new Naira notes were made public.
President Buhari had launched the new naira notes of N200, N500, and N1,000 denominations in November of 2022, which are aimed at tackling counterfeiting, counteracting inflation and doing away with liquidity.
Mr. 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 volume of currency in circulation under the firm control of the CBN.
“So far and since the commencement of this programme, we have collected about N1.9 trillion.”
Godwin Emefiele also informed the press regarding a 75% success rate achieved out of the N2.7 trillion held outside the banking system since the call to return old Naira notes was made.
The CBN governor also added that Nigerians in the rural areas and villages, as well as 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.