N1 trillion old notes still in people’s homes” –CBN Gov. Emefiele (Video)
Says there will be no further extension of naira swap deadline
The Central Bank Governor, Godwin Emefiele, has said that between N900 billion and N1 trillion of the old notes are still being kept in people’s homes in Nigeria.
The governor disclosed this while addressing newsmen after paying the president a visit at Aso Rock on Sunday.
He said the CBN had collected 1.9 trillion, leaving a balance of between N900 billion and N1 trillion yet to be brought back into CBN’s coffers.
He said printed money is expected to circulate within the financial system and return to the CBN.
He regretted that in Nigeria, this is not the case, as a disproportionate amount of money is being kept in people’s homes and other places, outside the banking system.
“Available data has shown that in 2015, currency in circulation was only 1.4 trillion Naira. As at October 2022, currency in circulation had risen to 3.23 trillion Naira, out of which only N500 billion Naira was within the banking industry. N2.3 trillion is permanently held in people’s homes” he said.
Watch him speak here.
