The Central Bank of Nigeria has expressed assurance that the new naira notes will circulate to every nook and cranny of the country before the January 31, 2023 deadline.
“Statistics show that N2.72 trillion out of the $3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country, and supposedly held by members of the public. This statistic shows that 84.71 per cent of currency in circulation are outside the vaults of commercial banks, with only 15.29 per cent in the central bank and commercial banks’ vaults.
“We believe that this exercise will help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalisation of the Nigerian economy. “The currency redesign will assist in the fight against corruption as the exercise will rein in the higher denomination used for corruption, and the movement of such funds from the banking system can be tracked easily.”
The CBN boss advised Nigerians to ensure that they deposit cash with them at their commercial banks, as there is no limit to how much a customer can deposit between now and January 31, 2023. Ademola admonished the public to explore other payment channels, such as eNaira, the Point of Sales, electronic transfer, the USSD, Internet banking and mobile money operators and agents, for their economic activities.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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