‘We dey track pipo wey dey sell new naira notes’

Afta di Central Bank of Nigeria announce di extention date for di exchange of old naira notes to new, many pipo don begin ask kwesion on top social media about how di 10 days go fit benefit dem.

Oga of di Apex bank Godwin Emefiele wen e go brief president Muhammadu Buhari on Sunday evening about how di programme don waka explain to tori pipo why gomment decide to redesign some currency.

E say di CBN neva get di opportunity to redesign di naira since di past 19 years.

Emefiele say na only pesin wey no dey corrupt like president Buhari fit give dat kind approval

“Since di start of dis redesign programme, we bin make am clear say for 19 years di CBN never dey able to conduct dis important aspect of dia mandate.

Sometin wey suppose happun between di window of five to eight years.

“Our aim na to give our monetary policy more value, as we fit see inflation don dey go down and exchange rate don dey stable,” e add.

We also aim to support our security agents to fight banditry and ransom taking in Nigeria and di military dey make good progress.

N900billion to N1trillion still dey circulate – Emefiele

According to oga Emefiele, for data wey CBN gather di kontri, for 2015 di currency recirculation na only N1.4 trillion.

As at October 2022 currency recirculation don rise to N3.23 trillion wey only 500 billion bin dey bank, 2.7 trillion dey permanently for pipo house.

E say ordinarily, wen CBN release moni to circulation e suppose dey used and afta one friction of time, e go return to CBN, wia di moni wey dey circulate go dey firm control of di CBN.

E say ordinarily, wen CBN release moni to circulation e suppose dey used and afta one fraction of time, e go return to di apex CBN, wia di moni wey dey circulate go dey dia firm control .

Since dis programme start we don collect about N1.9 trillion, dat one leave us wit about N900billion to N1trillion naira we still wan collect.

“We dey happy say di exercise don achieve di success of over 75 percent of di 2.7 trillion naira wey dey outside di banking system.

Tins wey we do to make sure new notes go round

POS operator for Kano state, Northern Nigeria


To achieve ogbonge result, we bin do meeting wit commercial banks on how dem go fit collect old moni and how dem go give new notes to all Nigerians.

  • We bin tell dem to load new notes to ATM
  • We bin do sensitisation for print and electronic mediums wey go reach everiboy
  • We bin engage 30,000 agents wey go operate everywhere including wia banks no reach so pipo for dia go fit swap dia old moni to new ones.
  • We deploy all our staff particularly pipo wey dey asst director deputy director, director grades for Abuja make dem go all CBN branches nation wide.
  • Dem join di mobilisation and monitoring programme dey work wit di deposit moni banks agents and branch controllers for di 36 states so dem go fit make sure compliance dey wit di programme.

Pipo for rural areas don change dia moni

“Also Nigerians wey dey rural areas, di aged and di vulnerable ones don get di opportunity to swap dia old notes to new moni.

CBN say dem do dis through di agent naira swap initiative and di CBN senior staff  nationwide sensitisation exercise nationwide”, Emefiele add.

Di CBN oga further tok say aside for those wey hold illicit and naira wey dem tif for dia house for some kind reasons, we dey hope to give all Nigerians wey get naira wey legit di opportunity to deposit dia legit moni for bank for exchange.

Emefiele say part of di measure wey di president approve be 10 days extension from 31st January 2023 to 10th February 2023 to allow di kollection of more old notes wey Nigerians hold legitimately and to achieve more success for cash swap for rural areas, villages and communities afta all old notes wey dey outside CBN don loose dia legal tender status.

One seven day grace period wey go start for February 10 to 17 2023 wey comply wit di section 20(3)and section 22 of di CBN act wey allow Nigerians to deposit dia old notes for CBN afta di deadline date wen di old cucreency go don lost im legal tender status.

Emefiele beg Nigerians to work wit di CBN so di process go dey smooth.

Change of moni fit cause security problem?

One tori pesin bin ask Oga Emefiele weda di naira redesign process fit cause security problem base on wetin govnor Umar Ganduje of Kano state tok.

Emefiele say im go wan focus on im assignment so e no go fit join issues wit anybody.

“I no understand di relationship between our own cash swap wey be our own job and di security issue wey di Kano state govnor dey bring up”

“Dat na why I say I no wan join argument wit am say we go remain focus for our mandate and assignment” Emefiele tok.

Di apex bank oga add say Nigeria get 1.4 million super agent touch point all over di kontri wia pipo fit do cash in and cash out services. E say di number include pipo wey dey sell food, sweets, kolanuts and odas.

Emefiele say wetin CBN do be to target 30,000 super agent out of di ova 1 million agents for areas wey dem sabi say true true no get bank or under bank.

“Some designated CBN staff bin collect di cash follow di agent, go those villages and exchange new notes for di old notes and we give limit of 10,000.

And from di report wey we hear most pipo get less dan 10,000. Pipo wey get more dan dat no many at all, E add.

  ‘We dey track pipo wey dey sell new naira notes’

Govnor Emefiele also chook mouth for di matta of pipo wey dey spray plenti new naira notes for party wen di moni never even go round.

E say although di apex bank don receive report of breaches by some bank branches.

Godwin Emefiele say im don do meeting wit di chairmen of ICPC, EFCC and di CEO of di Nigerian Financial Intelligence Unit don agree say dia officials don agree to first make sure say di new notes dey swapped di way e dey for guideline.

CBN ask make di two agency send dia staff to all CBN and bank branches nationwide so dem go join hand implement and monitor di guidelines, Emefiele tok.

“And I dey tok dis, even if CBN staff dey involved dem go dey punished, we go track dem, luckily those new naira get trackers.

“Once we see those numbers we go track dem and expose pipo wey get hand for dis business of selling new naira notes wen pipo wey need am dey village wey need di new naira notes,we go deal wit dem”.

E say CBN don give some videos to di EFCC and na di anti corruption agency go deal wit anybody wey dem catch, Emefiele add.

House committee reject extension, threaten to arrest Emefiele

House of Representatives Ad hoc Committee on new naira re-design and naira swap policy  don reject di ten days extension wey di Central Bank of Nigeria give for exchange of old moni to new ones.

Di committee bin describe di extension as political game to further deceive Nigerians and make worse dia economic and social lives

Chairman of di committee Alhassan Doguwa, for statement on Sunday reject di extension.

E say di CBN must comply wit sections 20 sub 3, 4, and 5  of di CBN Act.