The Central Bank of Nigeria is expected to have destroyed over N6tn worth of mutilated and old banknotes when the regime of the President, Muhammadu Buhari, expires in May 2023.
According to data obtained from the annual reports of the currency operations department of the CBN between 2016 and 2020 by PUNCH, showed that the apex bank destroyed mutilated banknotes worth N4.1tn during the five-year period. Our correspondent could not readily obtain data on the amount of mutilated banknotes disposed off by the central bank in 2021 and 2022 as of press time on Sunday.
However, the central bank is expected to destroy over 80 per cent of the N3.23tn banknotes currently in circulation as a result of its decision to redesign N100, N200, N500, and N1, 000 bills.
The move will bring the total amount of naira notes destroyed by the current administration to at least N6tn.
The CBN Governor, Godwin Emefiele, announced on Wednesday that the bank would release re-designed naira notes by December 15, 2022.
Emefiele made this announcement during a special press briefing in Abuja where he gave reasons for the move.
According to the CBN governor, the move is aimed at controlling currency-in-circulation as well as curbing counterfeit currency and ransom payments to kidnappers and terrorists.