By Babalola Seyi
Godwin Emefiele, Governor of the Central Bank of Nigeria, disclosed on Sunday that one of the reasons the Federal Government chose to redesign currency denominations was because N2.7trillion was sitting dormant in people’s homes previous to the Buhari administration’s arrival in 2015.
He stated that in 2015, cash in circulation was barely N1.4 trillion, but by October 2022, it had climbed to N3.23 trillion, with only N500 billion in the banking industry.
Further explaining, the Apex Bank Governor stated that normally, when the CBN releases cash into circulation, it is intended to be utilized and then returned to the CBN, so maintaining the volume of currency in circulation under the strong supervision of the CBN.
He stated that since the start of the currency redesign and other monetary programs, around N1.9 trillion has been collected, leaving us with approximately N900 billion.
The deadline for the currency exchange has been pushed out from January 31, 2023, to February 10, 2023, with the President’s assent.
Buhari had on Sunday, urged the CBN to allow more time, discretion and order to enable Nigerians successfully change their currencies to the redesigned notes, and reduce the risk of loss, especially among the underserved in rural areas.