The distribution of the new naira notes to the entire nation will be completed before the deadline of January 31, 2023, according to the Central Bank of Nigeria. Stakeholders have requested that the CBN extend the January 31, 2023 deadline for the phase-out of the old N1,000, N500, and N200 notes to June 30, 2023.
The CBN Acting Branch Controller in Ondo State, Mr. Giwa Ademola, said the purpose of the sensitization was to inform the public about the newly redesigned naira notes during a presentation on the new notes to market vendors at Oja Oba Market in Akure, Ondo State.
According to statistics, of the $3.26 trillion in currency in circulation as of June 2022, N2.72 trillion was outside of vaults of commercial banks across the country, and supposedly held by members of the public.
“This statistic shows that 84.71 per cent of currency in circulation are outside the vaults of commercial banks, with only 15.29 per cent in the Central Bank and commercial banks’ vaults.