Central Bank of Nigeria (CBN)

The central bank of Nigeria (CBN) had agreed to add 10 days for the exchange of old currency.

The meeting held on Sunday 29th January, the Governor of CBN Godwin Emefiele had signed for the new deadline. He said that more than N900 billion is outside the Apex, that 10 days can serve a long way for the return of the old notes.

And the Governor of the CBN also said that the exercise has gone far success rate over 75 percent of the 2.1 trillion save under the banking system.

“Since the starting time of the beginning of the program, but we have collected about N1.9 trillion and it remains N9000bn (N500bn added to N1.9 trillions).

He further said that apart from those that stole money and store in their houses for speculative purpose, our aim is to give all Nigerians legitimately earned to trapped their monies into bank, they should use this opportunity to deposit their legitimately trapped money into bank for exchange.

Based on the complain from Nigeria people that 31st January is too short, we have sought out with Mr President Mohammadu Buhari for his approval for extension of deadline from January 31st to February 10, 2023.

To allow legitimate monies to be deposited into bank , so that thy can able to succeed for the exchange of old Naira swapping.

But according to him, present data at the Central Bank of Nigeria (CBN) show in 2015, the currency that in circulation it was only N1.4 trillions.

But, in October 2022, the currency that in circulation is was up to N3.23 trillions, meanwhile it was only N500 billions that within the banking industry and N2.7 trillions was stolen by people and hide in their houses.


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