Since the introduction of new naira notes, the Central Bank of Nigeria claims to have retrieved more than N1 trillion in an effort to return cash to the banking system.

In advance of their release on December 15, the bank unveiled brand-new 200, 500, and 1000 naira bills on November 26. Over 85% of the currency was in circulation outside of the banks’ vaults as a result of massive hoarding of banknotes.

“To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of commercial banks across the country; and supposedly held by the public,” Mr Emefiele said at the time.

“Evidently, currency in circulation has more than doubled since 2015; rising from N1.46 trillion in December 2015 to N3.23 trillion in September 2022. This is a worrisome trend that cannot be allowed to continue” he said at the time.

Speaking with journalists on Thursday after meeting President Muhammadu Buhari in Daura, Katsina State, Mr Emefiele said the central bank has retrieved more than N1 trillion and the banks also hold nearly N1 trillion.

“The central bank, we have taken more than a trillion and in the bank we also have close to a trillion. But what we have done in the central bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible and from there, banks can now move what they have with them,” he said.