The Central Bank of Nigeria said it recovered N1.9 trillion worth of currency in two months outside of the banking system following its naira notes redesign and cash swap policy.
Emefiele noted that Nigerians in the rural areas, villages, the aged and vulnerable had had the opportunity to swap their old notes; leveraging the naira swap initiative as well as the CBN senior staff nationwide sensitisation team exercise.The CBN governor also announced the extension of the deadline by 10 days to February 10, 2023, to allow for the remaining old notes in the economy to be returned to the banks.
“Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives,” Emefiele said. What this means: The huge recovery of circulating currency by the central bank, will help make monetary policy more effective in taming the inflation rate.
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