The Central Bank of Nigeria (CBN) may pump in today more new naira notes into circulation through the banks, The Nation learnt yesterday.

About N500 billion of the new notes have been injected into circulation since December 15, last year.

Today’s plan by the apex plan to pump more cash, close  to N1 trillion will come into circulation, a CBN board member confirmed to The Nation yesterday.

The board member who pleaded for anonymity said: “The CBN will do the needful to ensure that innocent Nigerians’ pains are eliminated. To this end, more new naira notes will be allocated to the banks from Monday for disbursing to the public.”

He assured that “the mint has adequate capacity to print the required volume of new naira notes”.

Our source explained that “the volume printed must be related to what the CBN adjudges to be optimal for the economy.

“What this means is that the CBN is being careful not to flood the system with naira notes thus creating another currency control problems for it with attendant inflationary pressures”.

The CBN board member also confirmed that the apex bank will abide by the Supreme Court’s decision to pull the brake on enforcing a deadline on the deposit of old Naira notes until February 15 when the Supreme Court will make hear the suit instituted by three governors.

“Whe cannot really speculate on extension or no extension as the issue is before the highest court in the land,” the apex bank’s board member said.

Regarding the advice of the Council of State to the CBN to either make more new notes available or re-circulate the old banknotes alongside the existing new notes, he told The Nation that “the advice of the Council of States is well-meaning. The Council is rightly concerned about the current challenges of the naira redesign implementation caused by selfish and sadistic individuals/organisations.”

Another senior CBN management official also revealed some developments to The Nation relating to the ongoing currency crisis.

The official disclosed: “The CBN has discovered that some powerful individuals used their cronies to open new bank accounts in order to withdraw new notes.

“The Economic and Financial Crimes Commission (EFCC) will soon go after them to see if they followed the Know Your Customer (KYC) protocol.”

He added that most commercial banks where deliberately keeping the new notes for their priority customers.

He said: “The banks are loyal to their priority customers; that’s why they reserve some new notes for them. They do not want to lose their high net worth customers. The apex bank has increased the volume of cash it released to the banks.”

According to him, the commercial banks have “not been returning old notes back to the CBN as expected”.

The CBN, the official noted, has also discovered that citizens were holding on to the new notes.

“People, are not depositing new notes but holding on to them” he said.

https://supers.ng/cbn-likely-to-pump-more-cash-into-circulation-today/

CBN should work with ICPC and EFCC to ensure that Nigerians get this money. They shouldn't allow the bank managers to keep selling this money.

My fear is Nigerian banks.

CBN doesn't have new naira. They will recycle old notes maybe only N200 or with little N500.

That's better. Print more from abroad and shame those 3 GOVERNORS.

The worst CBN governor in Nigeria history

Stubborn he-goat. He keeps saying they have enough, blamong the banks for poor circulation. If the banks have enough, why would they need to keep the money? People now collect the new notes like a prized artifact because they don't know when they'll get new ones again. When there's enough, you won't hoard by instinct. Recirculate the old or truly print new notes

If true ..then it is a welcome development.

when money have been sold to so call politicians you where trying to deprive by hungry bank mangers,no antigraft agency 8n banks to monitor transaction and activities, what sh!thole of a country is this?

Please they should, by Friday, we should start seeing enough money

The masses are going through a lot.. person no fit even transfer in peace...the seller go dey ask for exhorbitant bank charge.

LIKELY TO PUMP? that is future tense for a matter that should have been concluded 3 months ago. Such a shame.
They gave deadline but could not meet up their own deadline by making adequate supply.
The most shameful part is the silence. Can CBN come out and address Nigerians on the way forward rather than this autopilot approach?

Rexymania:
Please they should, by Friday, we should start seeing enough money

alright, what should happen from Monday to Friday while we wait?
Children still have to get to school daily
Hospitals bills and purchases
Physical exchange of currency
Transportation
wait till Friday?

That is good.

SmartPolician:
CBN should work with ICPC and EFCC to ensure that Nigerians get this money. They shouldn't allow the bank managers to keep selling this money.

The politieves has been tamed. CBN won when they ended the use of commercial banks to change the naira notes.
Any new naira must go to the public and any cooperate organisation that must withdraw money must do that within the the withdrawal limit.

They can't stockpile enough for the election. This the reason for the politieves moving for extension of the deadline

ebukamen:


The politieves has been tamed. CBN won when they ended the use of commercial banks to change the naira notes. Any new naira must go to the public and any cooperate organisation that must withdraw money must do that within the the withdrawal limit.

They can't stockpile enough for the election. This the reason for the politieves moving for extension of the deadline

CBN only gives the new currency directly to unbanked Nigerians in rural communities through what it calls Naira Swap Program.

On the other hand, Nigerians who have bank accounts access funds through the commercial banks.

That's why I am calling on them to partner with EFCC and ICPC to make sure the money gets to ordinary Nigerians.

Processes take time

superCleanworks:


alright, what should happen from Monday to Friday while we wait?
Children still have to get to school daily
Hospitals bills and purchases
Physical exchange of currency
Transportation
wait till Friday?

Rexymania:
Processes take time

processes take PROCEDURE.
it is not a process if there is NO PROCEDURE.
you can't force everyone to surrender their naira while you have not fulfilled your own part of the exchange process.
After people surrender their naira that is when you start to scratch your head and tell them that the replacement you promised is YET TO COME?
please teach me about process again.

Funny people. The experiment failed, just admit it and move on.

SmartPolician:
CBN should work with ICPC and EFCC to ensure that Nigerians get this money. They shouldn't allow the bank managers to keep selling this money.

All these problems would not have arisen if the CBN had pumped enough money into circulation. You are asking banks to return old notes but you are not giving them enough new notes. Why would they return old ones to you? Why would they not hoard in face of scarcity of new notes. Therefore, the CBN created all the problems they are accusing others of.