Currency in circulation in the country rose by 157.27 per cent at the end of March to N2.53tn as of the end of May, latest figures from the Central Bank of Nigeria have revealed.
Other challenges, he added included a shortage of clean and fit banknotes with an attendant negative perception of the CBN and increased risk to financial stability and increasing ease and risk of counterfeiting evidenced by several security reports.
The CBN however delayed in implementing the court order until March 13 before instructing the banks to obey. “This was one of the many questions seemingly begging for answers when Nigeria’s apex bank announced its plan to redesign the three higher value notes of the naira on 25 October2022.” Speaking on the consequences during the implementation, Augusto&Co said, “Public outrage has degenerated to violent protests in some cities, with incidents of vandalism of several banks’ facilities – and PoS outlets.
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