The need to prevent Nigerians from keeping 2.7 trillion naira at home rather than in banks was one of the reasons the federal government redesigned the naira banknotes.

The Central Bank of Nigeria, Godwin Emefiele, revealed it on Sunday.

It revealed that N2.7 billion were idle in people’s homes before 2015 when the Buhari administration came into being.

He said that in 2015, the currency in circulation was only N1.4 trillion, while in October 2022, the currency in circulation had risen to N3.23 trillion, of which only N500 billion was within the banking industry.

“N2.7 trillion were permanently kept in people’s homes,” Emefiele declared after visiting President Muhammadu Buhari in Daura, Katsina state, where both sides approved a ten-day extension for the old currency swap.

Elaborating further, the main bank governor said that normally when CBN puts currency into circulation, it is meant to be used and after the time effusion returns to CBN, thus keeping the volume of currency in circulation under firm control. of CBN. .

ALSO READ: CBN extends withdrawal deadline for old Naira notes

He said that since the start of the redesign of the currency and other monetary programs, “about N1.9 trillion has been raised, leaving us with about N900 billion (N500 billion + N1.9 trillion).”

With the President’s approval, the deadline for currency exchange was moved from January 31, 2023 to February 10, 2023.

On Sunday, Buhari urged the CBN to allow more time, discretion and order to allow Nigerians to successfully switch their currencies to the redesigned notes and reduce the risk of loss, especially among the underserved in rural areas.

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