Naira: CBN Receives Over N500bn Old Notes

As Nigerians count down on the official disbursement of new naira notes, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, revealed that the apex bank had received over N500 billion old notes as more people are working to meet the deadline. Emefiele, who stated this after a visit to President Muhammadu Buhari in Daura, Katsina State, to brief him on developments in the economy, also informed journalists that the president reaffirmed his support for all decisions so far taken on the currency alteration and cashless policy decisions.

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He said in order to ensure that members of the public are not placed in a tight corner, deposit money banks (DMBs) had taken delivery of the new currencies for onward circulation from December 15. Emefiele’s meeting with the president came on the heels of National Assembly’s objection to the implementation of withdrawal limits announced Tuesday by the apex bank The CBN governor said President Buhari was happy with the CBN policy and urged him to go ahead with implementation. Asked of his mission in Daura by newsmen, he said: “I am visiting Daura to see the President, and also greet him as part of my normal briefing that I normally carry out. The briefing has been overdue and I thought he should be briefed on what is happening in central bank and the economy.

“There are so many things happening, issues bordering on currency. “Only yesterday, the new currencies have now reached the banks, and we expect the banks to begin the distribution of the currencies to members of the public and customers; and to assure the president that things are going on well about the currency and the issue bordering on cashless policy that we recently introduced.”

New Telegraph