The Central Bank of Nigeria (CBN) has revealed that it is still expecting N2.56 trillion out of the N2.73 trillion outside banks’ vaults as the January 31 deadline for depositing old notes nears.
As at the end of September, N3.23 trillion was in circulation but N2.73 trillion (85 percent) was outside the vaults of commercial banks and only N165 billion had been returned to the banks, according to the CBN.
“Out of the N3.2 trillion currently in circulation, as at November 18, only N165 billion has been received which is small; especially as a lot of concessions have been made to ease the deposits,” Ahmed Bello Umar, director, currency operations at the CBN, told journalists in Abuja on Wednesday.
