The Governor of Central Bank of Nigeria (CBN) Godwin Emefiele has raised alarm that some influential Nigerians have over 85 per cent of the currency in circulation, put at N2.7 trillion in their homes, more than what are available in vaults of commercial banks.
Penpushing reports that, Emefiele made this known in a statement on Sunday, while announcing President Muhammadu Buhari approval of a 10-day extension of the deadline for the use of old naira notes across Nigeria, which is now 10 February instead of the former 31 January deadline.
The Governor of the apex bank said available data at the bank showed that in 2015, currency-in-circulation was only N1.4 trillion, adding that as of October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the banking Industry and N2.7 trillion held permanently in people’s homes,”
Penpushing further reports that he pointed out that since the commencement of the programme, the Central Bank of Nigeria(CBN) has collected about N1.9 trillion, leaving us with about N900 billion (N500billion + N1.9trillion).
“Available data at the bank showed that in 2015, currency-in-circulation was only N1.4 trillion. As of October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the banking Industry and N2.7 trillion held permanently in people’s homes,” he said.
Penpushing also reports that Emefiele, however, assured that the currency has yielded significant results, and has achieved a success rate of over 75 per cent of the N2.7 trillion held outside the banking system.
The bank boss noted that Nigerians in the rural areas, villages, the aged and the vulnerable have had the opportunity to swap their old notes, leveraging the Agent Naira Swap initiative as well as the Central Bank of Nigeria (CBN) Senior staff nationwide sensitisation team exercise
“We are happy that so far, the exercise has achieved a success rate of over 75 per cent of the N2.7 trillion held outside the banking system. Aside from those holding illicit, stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped the opportunity to deposit their legitimately trapped monies at the CBN for exchange.”
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