The Central Bank of Nigeria says it recovered N1.9 trillion in currency outside the banking system in two months as a result of its redesigned naira notes and cash swap policy.Information Guide Nigeria
This was revealed by CBN Governor Godwin Emefiele on Sunday, January 29, 2023, as part of his comments following a meeting with President Muhammadu Buhari (retd.).
Following the issuance of new naira notes, the apex bank was able to lower the money outside the banking system to N900 billion from a stunning N2.7 trillion, according to Emefiele.
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.NYSC portal
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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.JAMB portal
“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.”
The CBN governor also added that the initiative recorded over 75% success rate, out of the N2.7 trillion held outside the banking system.JAMB Result
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