N1tr old notes returned to banking system – CBN

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THE Governor of the Central Bank of Nigeria, Godwin Emefiele, says about N1 trillion of the old notes has been returned to the banking system since the introduction of new naira notes by the Central Bank of Nigeria (CBN).

He spoke on the matter while fielding questions from State House reporters after briefing President Muhammadu Buhari on happenings in the CBN and the Nigerian economy in Daura, Katsina State.

Emefiele said a lot of electronic channels had been put in place in 10 years since the cashless policy was launched in 2012 to aid people in conducting banking and financial service transactions in Nigeria.

He said the cashless policy was stepped down on a number of occasions to fully prepare for the implementation of the policy and deepen payment system infrastructure in Nigeria.

“I can only just assure you that it will go round, let us just be calm. Luckily the old currency continued to be legal tender till January 31, 2023. So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful to you again, so please take it to your bank as quickly as possible,” he added.

Emefiele said “about N1 trillion” of the old notes had been returned to the banking system.