JUST IN: CBN to reduce the volume of N500, N1000 in circulation

Trapped funds: CBN to release $120 million to foreign airlines by October 31

The Central Bank of Nigeria (CBNGovernor, )’s Godwin Emefiele, stated that the apex bank intends to gradually reduce the volume of N500 and N1000 notes in circulation in the economy.

 

He speculated that the large volume of higher denominations in circulation could be one of the factors driving the country’s rising inflation.

Recall that Godwin Emefiele, the governor of Nigeria’s central bank, has announced that President Buhari will introduce new naira notes on November 23rd, 2022.

This is well ahead of the previously scheduled December 15th, 2022 deadline.

Mr. Emefiele also insisted that there will be no going back on the January 31st data, which will see all old currencies lose their legal tender status. Mr. Emefiele also stated that he is relying on their law to advance this policy.



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