Following the redesign of naira notes and cash exchange program, the Central Bank of Nigeria said that it recovered N1.9 trillion in money from outside the banking system in only two months.

Following a meeting with the President, Major General Muhammadu Buhari, on Sunday, January 29, 2023, CBN Governor Godwin Emefiele provided this information (retd.).

Following the introduction of new naira notes, Emefiele pointed out that the central bank had been able to lower the amount of cash outside the banking system from a staggering N2.7 trillion to N900 billion.

The new naira notes, which come in denominations of N200, N500, and N1,000, were introduced by President Buhari in November 2022 with the goals of reducing counterfeiting, enhancing the impact of monetary policy instruments on inflation, and removing surplus liquidity.

Emefiele said, “Ladies and gentlemen, available data at the Central Bank of Nigeria has shown that in 2015, currency in circulation was only N1.4 trillion.

“As of October 2022, currency in circulation had risen to N3.23 trillion out of which only N500 billion was within the banking industry and N2.7 trillion held permanently in people’s homes.

“Ordinarily, when the CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.

“So far and since the commencement of this programme, we have collected about N1.9 trillion.”