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CBN obtained 165 billion naira value of outdated banknotes

Naira redesign: CBN has received N165bn worth of old notes

The Central Financial institution of Nigeria has revealed that it has obtained over 165 billion Naira since calling on Nigerians to deposit outdated Naira notes.

President Muhammadu Buhari unveiled the brand new N200, N500 and N1000 fashions in the present day, November 23, forward of the beginning of the Federal Government Council assembly.

CBN Chief Foreign money Mr. Rasheed Adams, who spoke at a briefing after the Financial Coverage Committee (MPC) assembly in Abuja on Wednesday, stated the determine was properly above the whole income he was anticipating, a month after the announcement.

He additionally famous that regardless of some waivers from the apex financial institution on deposits, only some Nigerians have come ahead. He reiterated that there might be no extension to the January 23, 2023 deadline.

In keeping with the Central Financial institution of Nigeria, a complete of two.7 trillion naira is at present outdoors the banking system.

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