The Central Bank of Nigeria has disclosed that it has recovered N1.9 trillion worth of currency in two months outside of the Nigerian banking system after its naira notes redesign and cash swap policy announcement.
This disclosure was made by the CBN governor Godwin Emefiele on Sunday, January 29, 2023, as part of the routine update after holding a meeting with the President, Muhammadu Buhari.
According to Emefiele, the Nigerian apex bank had been able to significantly reduce the currency outside the banking system to N900 billion from N2.7 trillion after the new naira notes announcement.
In a statement noting the latest report, Emefiele had said: “As of October 2022, the currency in circulation had risen to N3.23 trillion out of which only N500 billion-naira notes were held within the nation’s banking industry and N2.7 trillion-naira notes were held permanently in the homes of individuals.”
