The Central Bank of Nigeria (CBN) may pump more new naira notes into circulation through the bank on Monday (today).
According to the Nation , already about N500 billion of the new notes have been injected into circulation since December 15, 2022, when the naira redesigned policy officially kicked off.
It is expected that the apex bank’s plan is to pump more cash, pushing the number of new naira notes in circulation closer to N1 trillion, according to a CBN board member.
The board member who pleaded for anonymity said:
“The CBN will do the needful to ensure that innocent Nigerians’ pains are eliminated. To this end, more new naira notes will be allocated to the banks from Monday for disbursing to the public.”
“The CBN is being careful not to flood the system with naira notes thus creating another currency control problems for it with attendant inflationary pressures”.
He assured that “the mint has adequate capacity to print the required volume of new naira notes”.