Nigeria Sees $4.3 Billion of Cash Returning to Banks on Currency Notes Redesign
- Nation set a Jan. 31 deadline to switch to new bills
- Central bank engaging 1.4 million agents to swap naira notes
A customer hands over bundles of Naira banknotes in Lagos, Nigeria in April 2022.
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
The Central Bank of Nigeria expects at least 2 trillion naira ($4.3 billion) of cash to return to banks by Jan. 31 when the deadline to replace high-value currency notes ends.
Residents exchanged as much as 1.5 trillion naira of the old notes as of last week, Governor Godwin Emefiele told reporters in Abuja on Tuesday. “We are hoping that getting to this week, we will move closer to 2 trillion naira,” he said.