Friday, June 9, 2023

CBN has lost track of N2.7 trillion out of N3.2 trillion banknotes in circulation: Emefiele

Mr Emefiele disclosed that about 80 per cent of the country’s currency in circulation are outside the vaults of commercial banks across the country.

• October 26, 2022
CBN governor, Godwin Emefiele

Central Bank governor Godwin Emefiele has revealed that the apex bank has lost track of N2.7 trillion of the country’s currency currently in circulation.

Making this disclosure in a statement on Wednesday, the apex bank boss detailed that about 80 per cent of the country’s currency in circulation are outside the vaults of commercial banks across the country.

He lamented that Nigerians were hoarding bank notes, refusing to take them to banks.

“To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country, and supposedly held by the public. Evidently, currency in circulation has more than doubled since 2015; rising fromN1.46 trillion in December 2015 to N3.23 trillion in September 2022,” the statement by Mr Emefiele read.

The expose comes as the apex bank announced plans to unveil new naira notes.

Mr Emefiele made the disclosure at a CBN governor’s special press briefing in Abuja, asking depositors to hit the banks to exchange their old currencies for the new ones before the January 31, 2023 expiration date.

Mr Emefiele said the move has since been approved by President Muhammadu Buhari and other stakeholders and that they were certain that the decision would positively impact the value of the naira. 

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State


Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Allied Peoples Movement (APM)


Tribunal fixes June 19 to commence APM’s petition against Tinubu’s victory

The Allied Peoples Movement (APM) is challenging the February 25 election victory of President Bola Tinubu and Vice-President Kashim Shettima of the All Progressives Congress (APC).

Justin Welby, Gays in Uganda


Archbishop of Canterbury urges Ugandan Anglicans to reject anti-gay law

Under the law, gay sex is punishable by life in prison while “aggravated homosexuality”, including transmitting HIV, attracts the death penalty.

Sudan war


Sudan warring sides agree to U.S., Saudi-brokered ceasefire

The nationwide ceasefire for 24 hours will begin on Saturday from 6:00 a.m. (0400 GMT).

unregistered aphrodisiacs


NAFDAC seals Abuja shop for allegedly selling unregistered aphrodisiacs

The agency said that they “received an Intel that Yunusa Adamu was manufacturing unregistered herbal preparation.”



Poly lecturers Akeredolu owes 10 months’ salaries to begin indefinite strike

The salary for December 2016 and January 2017 was owed by the past government of Olusegun Mimiko, and the one for August 2022 to date by Mr Akeredolu.

Miyetti Allah


Stop ‘heartbreaking’ killings in Zamfara, Miyetti Allah urges FG

The association alleged that the attacks were being carried out by an outlawed group tagged “Yan Sa Kai Group”.