Mind Boggling: ₦2.7 Trillion Mopped During New Naira Notes Exchanged Since October 2022

Sequel to the extension of the old bank notes from January 31st to February 10th 2023, the CBN has revealed the amount retrieved.

The figures from the Central Bank of Nigeria (CBN) revealed that as at October 2022, currency in circulation rose to a whooping ₦3.23 trillion.

This is from ₦1.4 trillion captured in October 2015 when only ₦500 billion existed within Nigeria’s banking system.

The remaining ₦2.7 trillion was held permanently in people’s homes and now, about ₦1.9 trillion has been mopped up during the exercise.

See below snippet of the report from the CBN: