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New Naira Notes: Banks Get N52b Deposits In 2 Weeks As EFCC Others Direct Banks To Keep Records

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About N52 billion cash has been deposited in Nigerian banks weeks after the announcement of plans by the Central Bank of Nigeria (CBN) to redesign some naira notes.

The deposit sum may increase in the next few days because it is suspected that about N3 trillion cash was in circulation at the time the apex bank announced the policy.

The CBN claimed that some of the identified depositors were politicians, Bureau De Change operators, businessmen, real estate financiers, traders and others.

It was also learnt that the Economic and Financial Crimes Commission (EFCC) and other security agencies have directed banks to keep records of depositors, including institutions The screening of high-profile depositors, especially currency hoarders and money launderers, may begin soon. There were fears that the redesigning of some naira notes may affect cash haul during the ongoing 2023 campaign.

According to a reliable source, who was armed with facts and figures, security and intelligence agencies have confirmed huge cash deposits of N52 billion in banks in less than two weeks. The source said some representatives of one of the agencies appeared before a Senate Committee on Tuesday in Abuja behind the curtains.

On October 26, the CBN announced its decision to redesign the naira. It cited significant hoarding of banknotes, worsening shortage of clean and fit banknotes, and increasing ease and risk of counterfeiting. It added that over 85 per cent of the currency in circulation is outside the vaults of commercial banks. CBN said as of the end of September, N2.73trillion out of the N3.23 trillion currencies in circulation was outside the vaults of commercial banks and supposedly held by the public.

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