CBN Sets Countdown Clock On Its Website To Mark Circulation Of New Notes

Mary Ugwuanyi

The Central Bank of Nigeria, CBN, has updated a ticking clock on its website displaying the deadline for the redesigned naira notes.  

Recall that the apex bank had announced plans to resign N200, N500 and N1000 notes.

Justifying the action, CBN governor, Godwin Emefiele, had said that the action was informed by persisting concerns with the management of the current series of banknotes and currency in circulation, – especially those outside the banking system.

See Also: How Naira Redesign May Crash Dollar To N200 – EFCC Boss

Emefiele explained that one of the challenges faced include significant hoarding of banknotes by members of the public, with data suggesting that more than 80 percent of the currency in circulation is outside the vaults of commercial banks.

However, some experts say the move would negatively affect the nation’s economy.

The CBN had last week asked commercial banks to work Saturdays to help customers bring back existing naira notes.

Source: Cable

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