Banking Headline National News Nigeria

CBN receives N165bn worth of old naira notes

The Central Bank of Nigeria (CBN) says its call on Nigerians to deposit old notes in circulation has led to the deposit of N165 billion.

CBN’s Director of Currency, Rasheed Adams made the confirmation on Wednesday at a post briefing of the Monetary Policy Committee (MPC) meeting in Abuja.

The figure is far beyond the expectations of the apex bank, one month after the announcement was made, Mr Adams said.

He expressed concerns that despite waivers by the apex bank on deposits, the cooperation by Nigerians to the call was poor.

There would be no extension to the January 31, 2023 deadline, he warned.

Also, the CBN has indicated that a total of N2.7 trillion is currently outside the banking system.

Writing by Fany Olumoye; Editing by Muzha Kucha and Tony Okerafor