The Central Bank of Nigeria (CBN) has received a total of 165 billion worth of Naira notes so far, following its call on Nigerians to deposit all old notes in circulation.
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 director explained that the figure is far beyond the expectations of the apex bank, one month after the announcement was made.
Mr Rasheed expressed concern that a few Nigerians had applied despite various concessions by the apex bank on deposits, emphasizing that there would be no extension on the January 31, 2023 deadline.
The Central Bank of Nigeria also noted that a total of N2.7 trillion is currently outside the banking system.
Culled/Adetutu Adetule
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