Breaking News Nigeria, Latest Nigerian News
  • Home
  • News
    • Business
    • Politics
    • Science
    • World
    NewsShow More
    zenith bank
    Zenith Bank to pay N15.70bn dividend to shareholders
    September 12, 2023
    unity bank
    Unity Bank’s gross earnings rise to N27.5bn in H1
    September 10, 2023
    ban on Nigerian passports by seychelles
    A ban on Nigerian passports by Seychelles won’t hurt Nigerians alone
    July 9, 2023
    Naira devaluation
    EXPLAINED: How the Naira devaluation will affect you
    June 18, 2023
    fidelity
    Fidelity: A bank on a mission
    June 18, 2023
  • Politics
    • Politics Featured Section
    • Politics Story for You
    PoliticsShow More
    ban on Nigerian passports by seychelles
    A ban on Nigerian passports by Seychelles won’t hurt Nigerians alone
    July 9, 2023
    democracy day
    Democracy Day: Our democracy deeply troubled – Peter Obi
    June 12, 2023
    Tinubu's decision to sack emefiele
    Why Tinubu’s decision to sack Emefiele was spot on
    June 11, 2023
    Tinubu's decision to sack emefiele
    Tinubu’s abrupt announcement of fuel subsidy removal was unpresidential, insensitive
    June 5, 2023
    grv
    PHOTOS: LP Gov. candidate, GRV, dad visit Oba of Lagos
    March 16, 2023
  • Business
    • Business Editor’s Pick
    • Business Featured Section
    • Business Story for You
  • SMARTKOBO
  • Entertainment
    • SportsNews
    EntertainmentShow More
    diego moreira
    Diego Moreira: 4 things you need to know about Portugal international who just completed move to Chelsea
    July 1, 2023
    Bolanle Ninalowo
    EXTRACTION 2: Between Bolanle Ninalowo & Netflix, who lied? 
    June 20, 2023
    extraction 2
    Extraction 2 better than Extraction 1 but with few spoilers
    June 18, 2023
    Bolanle Ninalowo
    Extraction 2: Nollywood bad boy Bolanle Ninalowo features in Netflix action thriller
    June 12, 2023
    burna boy's performance at the champions league final
    What Burna Boy’s performance at the Champions League final means for African music
    June 11, 2023
  • #2023Elections
Reading: CBN hauls N1.9 trillion into banking system in 90 days, hunts for extra N900B with 10-day window
Share
Notification Show More
Latest News
iphone 15
iPhone 15: 5 things you should know
September 12, 2023
zenith bank
Zenith Bank to pay N15.70bn dividend to shareholders
September 12, 2023
unity bank
Unity Bank’s gross earnings rise to N27.5bn in H1
September 10, 2023
military intervention in niger
Military intervention in Niger by ECOWAS is such a terribly bad idea
August 5, 2023
ban on Nigerian passports by seychelles
A ban on Nigerian passports by Seychelles won’t hurt Nigerians alone
July 9, 2023
Aa
Aa
Breaking News Nigeria, Latest Nigerian News
  • Home
  • News
    • Business
    • Politics
    • Science
    • World
  • Politics
    • Politics Featured Section
    • Politics Story for You
  • Business
    • Business Editor’s Pick
    • Business Featured Section
    • Business Story for You
  • SMARTKOBO
  • Entertainment
    • SportsNews
  • #2023Elections
Have an existing account? Sign In
Follow US
  • Home
  • News
  • Politics
  • Business
  • SMARTKOBO
  • Entertainment
  • #2023Elections
© 2022 Nigeria Today News. All Rights Reserved.
Breaking News Nigeria, Latest Nigerian News > News > Business > CBN hauls N1.9 trillion into banking system in 90 days, hunts for extra N900B with 10-day window
Breaking NewsBusinessBusiness Story for You

CBN hauls N1.9 trillion into banking system in 90 days, hunts for extra N900B with 10-day window

Nigeria Today
Nigeria Today January 29, 2023
Updated 2023/01/29 at 8:46 PM
Share
cash
A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria. (Photo Credit: REUTERS/Afolabi Sotunde)
SHARE

CBN approves 7-day grace after February 10 deadline

The Central Bank of Nigeria, CBN currency redesign programme has pulled 1.9 trillion Naira into bank vaults in three months. It has now allowed a 10-day extension to bring in the remaining N900 billion, which it believes still circulates outside the banking system.

Contents
CBN approves 7-day grace after February 10 deadlineAdditional 7-day grace period to be granted after February 10 deadline

Although the apex Bank reserves the right to redesign the currency every 5-8 years, the primary reason for this current programme was to mop up the excess cash circulating outside the banking system and fuel criminality.

When the CBN announced the redesign of the currency, currency in circulation had risen to N3.2 trillion, from N1.4 trillion in 2015; out of which only 500 billion was within the banking industry and N2.7 trillion “held permanently in people’s homes”.

cbn to redesign naira notes
Central Bank of Nigeria Governor Godwin Emefiele (IMAGE CREDIT/REUTERS

To mop up the targeted N900B, the CBN announced: “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN lose their legal tender status”.

- Advertisement -

Also, read CBN shares 9 trillion Naira to combat food inflation

Additional 7-day grace period to be granted after February 10 deadline

“There will be an additional 7-day grace period, beginning on February 10 to February 17, 2023, in compliance with Section 20 (3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its lender tender status, the apex bank said in a statement.

The CBN released the redesigned currency on December 15 and started a campaign to mop up all old notes. Compliance had peaked over the past few weeks as the deadline approached, but hiccups had remained, as the supply of the new notes has been limited.

- Advertisement -

The National Assembly has mounted pressure on the CBN to extend the deadline to allow time for the new notes to circulate in the system and allow rural dwellers without access to the banking system sufficient time to swap their old notes.

TAGGED: cbn, naira redesign, new naira notes
Nigeria Today January 29, 2023
Share this Article
Facebook TwitterEmail Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

You Might Also Like

iphone 15
Breaking NewsGadget

iPhone 15: 5 things you should know

September 12, 2023
zenith bank
Breaking NewsBusiness

Zenith Bank to pay N15.70bn dividend to shareholders

September 12, 2023
unity bank
Breaking NewsBusiness

Unity Bank’s gross earnings rise to N27.5bn in H1

September 10, 2023
military intervention in niger
Breaking News

Military intervention in Niger by ECOWAS is such a terribly bad idea

August 5, 2023
nigeria today news logo
Nigeria Today News logo

Subscribe to our newsletter

Please wait...
Want to be notified when our article is published? Enter your email address and name below to be the first to know.

Most Recent News

zenith bank
Zenith Bank to pay N15.70bn dividend to shareholders
Breaking News Business September 12, 2023
unity bank
Unity Bank’s gross earnings rise to N27.5bn in H1
Breaking News Business September 10, 2023
ban on Nigerian passports by seychelles
A ban on Nigerian passports by Seychelles won’t hurt Nigerians alone
Breaking News Business Politics July 9, 2023
Naira devaluation
EXPLAINED: How the Naira devaluation will affect you
Breaking News Business June 18, 2023
fidelity
Fidelity: A bank on a mission
Breaking News Business Business Editor's Pick June 18, 2023

Most Viewed Posts

  • World cup qualifiers: See the full list of 30 players invited to represent Nigeria (2,732)
  • WAWU! Flavour marries first baby mama Sandra Okagbue (1,603)
  • 10 smart businesses you can start in Nigeria today with zero capital and make money immediately (Part 1) (1,421)
  • How angry youths attacked Buhari’s helicopter in Kano – [VIDEO] (1,411)
  • BREAKING! Flutterwave shuts down Barter virtual dollar card services, to terminate all cards by July 17 (1,273)

Stay Connected

Facebook Like
Twitter Follow
Pinterest Pin
Instagram Follow

© 2023 Nigeria Today News. All Rights Reserved.

  • About
  • Privacy & Policy
  • Terms
  • Contact
Please wait...

Subscribe to our Nigeria Today News

Want to be notified when our article is published? Enter your email address below to be the first to know.
SUBSCRIBE

Removed from reading list

Undo
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Register Lost your password?