The Central Bank of Nigeria (CBN) will by the ending of February 2023, circulate N700 to N800 billion new Naira notes.
Its governor, Godwin Emefiele announced this on Thursday at a meeting he had with President Muhammadu Buhari
the Presidential Villa, Abuja.
Also present at the meeting was the House of Representatives Committee on Naira Redesign and Naira Swap led by its Leader, Ado Doguwa.
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This was after 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 in the country.
Emefiele equally promised that the CBN would release the old N200 into circulation as directed
He insisted that the country must go cashless because it was global and could be used to check corruption and resolve certain security issues.
The new currency to be released would be more than what would be needed to run the economy.
He explained that it was not possible to put back more than three trillion naira if the economy was to be healthy.
Emefiele further promised that the Bank would not be a problem with elections, and they would be held successfully as far as the Bank is concerned.
He revealed that senior officers at the CBN had all been sent out, complemented 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 had also met 15 top banks earlier in the day to resolve prevailing problems.
He had said:
“We are at the end of the problem.”
