“N2.7 Trillion Held Permanently In People’s Homes Before We Ordered Redesign Of Naira"-Emefiele

Date: 29-01-2023 7:59 pm (2 months ago) | Author: Mister Jay Wonder
- at 29-01-2023 07:59 PM (2 months ago)
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Governor of the Central Bank of Nigeria, Godwin Emefiele on Sunday, revealed that part of the reasons the Federal Government decided on the redesign of currency denominations was the fact that N2.7trillion was lying idle in people’s homes prior to 2015 when the Buhari administration came on board.

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

“N2.7 trillion was held permanently in people’s homes,” Emefiele stated after he paid a visit to President Muhammadu Buhari in Daura, Katsina state, where both parties approved of a ten day extension for old currency swap.

Giving further explanations, the Apex bank Governor said ordinarily, when 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.

He said since the commencement of the currency redesign and other monetary programmes, about N1.9 trillion have been collected, leaving us with about N900 billion (N500 billion + N1.9 trillion).

With the approval of the President, the deadline for the currency swap has been moved from January 31, 2023 to February 10, 2023.

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

Posted: at 29-01-2023 07:59 PM (2 months ago) | Addicted Hero
- gogoman at 29-01-2023 08:05 PM (2 months ago)
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Buhari and Emefiele are two good men fighting for the survival of Nigeria... yet, I say YET the saboteur will not relent
Posted: at 29-01-2023 08:05 PM (2 months ago) | Grande Master
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- fineboy77 at 29-01-2023 09:00 PM (2 months ago)
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Quote from: gogoman on 29-01-2023 08:05 PM
Buhari and Emefiele are two good men fighting for the survival of Nigeria... yet, I say YET the saboteur will not relent
Tinubu will not relent
Posted: at 29-01-2023 09:00 PM (2 months ago) | Hero
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- Allsense at 29-01-2023 09:05 PM (2 months ago)
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In the end 10days addition will turn out to be 40days or more. APCs and their brother will not relent
Posted: at 29-01-2023 09:05 PM (2 months ago) | Gistmaniac
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- kp45 at 29-01-2023 10:57 PM (2 months ago)
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Make una continue... Useless. What is the point of extending this thing when the new are not available.
Posted: at 29-01-2023 10:57 PM (2 months ago) | Hero
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- Jiiitk4 at 29-01-2023 11:03 PM (2 months ago)
(m)
More than half of it kept by Tinubu.  That's why Gbajabiamila is shouting like a  town crier.  Tinubu's  town crier.  Buhari  seems to be hitting the  Emi Lokan  bellow the belt  Tinubu should  see the  signs boldly written on the wall. Buhari is not  giving him  the  presidency.  Never.
Posted: at 29-01-2023 11:03 PM (2 months ago) | Gistmaniac
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- gogoman at 29-01-2023 11:49 PM (2 months ago)
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Quote from: fineboy77 on 29-01-2023 09:00 PM
Tinubu will not relent



so is tinubu the reps and senate people? they are the thieve who have kept cash under their bed!!
Posted: at 29-01-2023 11:49 PM (2 months ago) | Grande Master
Reply
- gogoman at 29-01-2023 11:52 PM (2 months ago)
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Quote from: Jiiitk4 on 29-01-2023 11:03 PM
More than half of it kept by Tinubu.  That's why Gbajabiamila is shouting like a  town crier.  Tinubu's  town crier.  Buhari  seems to be hitting the  Emi Lokan  bellow the belt  Tinubu should  see the  signs boldly written on the wall. Buhari is not  giving him  the  presidency.  Never.


Tinubu is wiser than that, he can as well open a bank or probably ask a bank to take over the cash if he gets am.....  EMI LO KAN!!!!!!!!!!!! JAGABAN RULE
Posted: at 29-01-2023 11:52 PM (2 months ago) | Grande Master
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