CBN Promises To Inject Over N700bn New Notes Into Circulation By February Ending - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Friday 17 February 2023

CBN Promises To Inject Over N700bn New Notes Into Circulation By February Ending

CBN Promises To Inject Over N700bn New Notes Into Circulation By February Ending

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has assured that the apex bank would release between N700 to N800 billion into circulation before the end of this month.

Emefiele gave this assurance yesterday at a meeting he had with President Muhammadu Buhari alongside the House if Representatives Committee on Naira Redesign and Naira Swap led by its Leader, Ado Doguwa, at the Presidential Villa, Abuja.

This came as the President told the lawmakers that the cashless policy, though with pros and cons, has helped in curbing the challenge of kidnapping and some pockets of corruption issues on the country. Emefiele, according to a release by a Presidential spokesman, Malam Garba Shehu, assured that the CBN would release the old N200 into circulation as directed in his national broadcast yesterday.

According to him, the CBN boss who insisted that the country must go cashless because it was global and could be used to check corruption and resolve certain security issues, said the new currency to be released would be in excess of what would be needed to run the economy. He stated emphatically that it was not possible to put back more than N3 trillion if the economy was to be healthy.

Emefiele gave a firm promise that the Bank would not be a problem with elections, and they would be held successfully as far as the Bank is concerned.

He added that senior officers at the CBN had all been sent out, complimented by “Super Agents,” to take new currencies to unbanked rural populations, expressing optimism that the problems he described as “temporary, passing” will go away in no distant future.

Emefiele also reported that he had met 15 top banks earlier in the day in an effort to resolve prevailing problems and will do so again later in the evening, assuring that “we are at the end of the problem.

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