CBN Governor Emefiele Extends Deadline For New Naira Swap
The deadline for exchanging old naira notes was extended on Sunday by the Central Bank of Nigeria, CBN.
The CBN governor, Godwin Emefiele, pushed back the deadline by ten days.
The revised date, according to a press release from Emefiele on Sunday, is now February 10, 2023.
Emefiele said: “Our aim is mainly to make our Monetary Policy Decisions more efficacious and like you can see; we’ve
started to see inflation trending downwards and exchange rates relatively stable.
“Secondly, we aim to support the efforts of our Security agencies in combating Banditry and Ransom taking in Nigeria
through this program and we can see that the Military are making good progress in this important task in Nigeria.”
According to him, the available data at the Central Bank of Nigeria has shown that in 2015, Currency -in- Circulation was only N1.4 trillion.
“As at 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.
“Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of Central Bank of Nigeria
time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.
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‘So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion (N500b + N1.9trillion).
“To achieve effective distribution, of the new currency the CBN has taken the following steps:
“We held several meetings with our Deposit Money Banks (DMBs) and provided them with Guidance Notes on processes they must adopt in the
collection of old notes and distribution of the New Notes to all Nigerians. These includes specific directives to DMBs to load new notes into their ATMs nationwide to ensure an equitable transparent mechanism for the distribution of the
new notes to all Nigerians.
“We commenced a nationwide sensitization through the Print and electronic media to create an awareness on the redesigned notes to Nigerians.”
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