Amid the scarcity of Naira notes, Nigerians seem to be dumping the country’s currency for Dollar as the country’s external reserves went down by –1.97 per cent since the Central Bank of Nigeria (CBN) announced its plan to redesign the Naira notes.
The central bank informed Nigerians on October 26, 2023, that the N200, N500 and N1,000 notes would be redesigned to mop up the N2.7 trillion cash in circulation that the Deposit Money Banks (DMBs) can’t account for.
CBN had revealed that over N3.3 trillion cash was in circulation, but N2.7 trillion of the cash is outside bank vaults, and to mop up the currencies, the financial regulator said redesigning the Naira notes was necessary.
