The CBN boss advised Nigerians to take old notes to banks in exchange for the new notes.
The presidential candidate of the African Action Congress, Omoyele Sowore, has called for the sacking of the Governor of the Central Bank of Nigeria, Godwin Emefiele over the redesign of banknotes.
The apex bank earlier said it would start circulating the newly redesigned N200, N500, and N1000 notes starting in December 2022.
Emefiele who disclosed this on Wednesday afternoon during a special briefing said the naira notes were redesigned following a request made by the Federal Government.
The CBN boss advised Nigerians to take old notes to banks in exchange for the new notes, adding that the action was taken to take control of the currencies in circulation.
According to him, the bulk of the nation’s currency notes is outside bank vaults and the CBN will not allow the situation to continue.
“To be more specific, as at the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public,” he said.
“Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as at September 2022. I must say that this is a worrisome trend that must not be continued to be allowed.”
However, Sowore in a post on his verified Twitter handle lambasted the CBN governor, stressing that instead of boosting the value of the Naira, the apex bank wants to redesign banknotes.
"Central Bank of Nigeria to redesign banknotes 200, 500 and 1000 notes instead of boosting the value of the Naira. Jokers!
"Me: It is time to fire the CBN Governor, Emefiele. #WeCantContinueLikeThis," Sowore wrote.