CBN has lost track of N2.7 trillion out of N3.2 trillion banknotes in circulation: 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
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Nigeria positioned to power clean energy Future: Tinubu
Mr Tinubu expressed his firm commitment to improve the developmental partnership between the European Union and Nigeria.
Africa
Benin, Liberia, Sierra Leone roll out malaria vaccines
With the announcement on World Malaria Day, the number of African countries incorporating the vaccines into their childhood immunisation programmes increased to eight.
NationWide
Group urges FG to decongest custodial centres after Suleja jailbreak
”We also call on the public to pay more attention to issues concerning corrections in Nigeria.”
Politics
PDP unveils 200-member campaign council for Edo 2024 guber election
The advisory council has seven eminent members of the state.
Africa
ECOWAS moves to tackle drug abuse in Sierra Leone, other countries
ECOWAS said the workshop was also to support efforts to tackle drug abuse and provide resources and strategies for member states, particularly Sierra Leone.
Lagos
FG to resume resurfacing of Third Mainland Bridge: Official
She said that the exact dates for the renewed construction would be announced soon.