The Central Bank of Nigeria has announced that it is supplying banks with more of the freshly designed notes as concerns over their apparent disappearance grow.
This was said in a statement emailed to our correspondent on Sunday by Dr. Isa AbdulMumim, the CBN’s acting director of corporate communications.
Banks are anticipated to distribute the new currencies to their clients through ATMs and over-the-counter transactions.
“We wish to reiterate that the new and old currency notes have been circulating side by side, just as the bank has been taking delivery of a sizable number of the redesigned bank notes from the Nigerian Security Printing and Minting Company Limited,” the CBN’s statement from the time stated.
“In addition, we are dedicated to providing the approved indent for the efficient operation of the economy. We thus implore the general public to ignore any story that suggests the redesigned currency will eventually be phased away.
Thr Punch recently reported that after the CBN changed its stance on the redesign of the naira, the amount of currency in circulation in the nation increased by N701.4 trillion in a single month to reach N1.6 trillion in March 2023.
The CBN defines currency-in-circulation as money that is in circulation and not stored in the bank’s vaults. This includes all legal tender money that is in circulation and stored in the vaults of deposit money institutions.
Due to the CBN’s naira redesign policy, the amount of currency in circulation in the nation decreased by 235.33% from the end of October 2022 to the end of February, to N982.09 billion.
According to data acquired from the CBN, N2.3tn was removed from circulation during the time period under consideration.
The report also stated that the impoverished, unbanked, and rural residents had been the group of people most affected by the policy.
The old N200, N500, and N1,000 notes will be redesign in October 2022, according to CBN Governor Godwin Emefiele.
The governor bemoaned the difficulties in managing currency, especially the public’s hoarding of banknotes, since statistics showed that more than 80% of the currency in circulation was not kept in commercial banks’ vaults.