![]() “We commenced a nationwide sensitisation through the print and electronic media to create an awareness on the redesigned notes to Nigerians including collaboration with the National Orientation agency to reach all Nigerians across multiple channels.These include 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 held several meetings with our deposit money banks (DMBs) and provided them with guidance notes on processes they must adopt in the collection old notes and distribution of the new notes to all Nigerians.This leaves us with about N900billion (N500billion +N1.9trillion).To achieve effective distribution, of the new currency the CBN has taken the following steps. In his statement, Emefiele said: “So far and since the commencement of this program, we have collected about N1.9trillion. Godwin Emefiele, governor of the Central Bank of Nigeria He said that people were holding the remaining N2.7 trillion in their homes. He explained that the policy started because only N500 billion of the N3.23 trillion in circulation was within the banking industry. In Emefiele’s latest statement, he thanked the president of Nigeria, for his support of the initiative. Nigerians should expect significant improvements between now and the February 10 deadline.Įmefiele’s statement on the progress of the naira’s redesign implementation I want to assure that we are doing everything to resolve these issues. I am aware of the cash shortages and hardship being faced by people and businesses, on account of the Naira redesign. There have been reports of chaotic scenes at banks as people queue to swap notes.Įven the president has admitted he is “aware of the cash shortages and hardship being faced by people and businesses, on account of the naira redesign”. This week, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) extended the deadline to 10 February but some say this still isn’t long enough. The redesign of the N200, N500 and N1,000 notes included a fixed 31 January 2023 deadline for phasing out the old naira banknotes and exchange them for the new ones. In October 2022, Nigeria’s President Muhammadu Buhari unveiled new naira banknotes in a bid to combat counterfeiting, the financing of terrorism and illicit stashes of cash. However, there are growing calls for an even longer extension amid concerns over shortages. ![]() The old notes were due to be taken out of circulation on 31 January but the deadline has been extended by 10 days. The Central Bank of Nigeria (CBN) has extended the deadline to exchange old banknotes for redesigned ones.
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