President Muhammadu Buhari has unveiled the redesigned naira notes to the public at the Federal Executive Council meeting on Wednesday.
Governor of the Central Bank of Nigeria, Godwin Emefiele warned Nigerians against hoarding of the old notes, saying there is no going back on the January 31st 2023 deadline to completely render the old notes useless.
The redesigned notes are in denomination of N1000, N500 and N200.
CBN’s Director of Currency Mr Rasheed Adams, who spoke at a post briefing of the Monetary Policy Committee (MPC) meeting in Abuja on Wednesday, said CBN has received over N165bn since it made a call to Nigerians to deposit old Naira notes.
The figure, he said is far beyond the total receipts it expects, one month after the announcement was made.
He also noted that in spite of some waivers by the apex bank on deposits, just a few Nigerians have come forward.
He reiterated that there will be no extension on the January 23rd, 2023 deadline.
According to the Central Bank of Nigeria, a total of N2.7 trillion is currently outside the banking system.