Before the Federal Executive Council meeting started, November 23, President Muhammadu Buhari introduced the freshly designed N200, N500, and N1000.
One month following the announcement, the CBN’s Director of Currency, Mr. Rasheed Adams, indicated during a post-briefing of the Monetary Policy Committee (MPC) meeting in Abuja that the amount is considerably over the total revenues it anticipated.
He added that just a few Nigerians have stepped up despite several exemptions by the apex bank on deposits. He emphasized that the January 23, 2023 date will not be extended.
The Central Bank of Nigeria estimates that there are now N2.7 trillion outside the banking sector.