Currency Redesign: CBN Only Printed N402bn New Naira Notes — Falana

Human rights lawyer, Femi Falana, SAN, has disclosed that the Central Bank of Nigeria (CBN) only printed N402 billion to replace the about N3 trillion old banknotes withdrawn from circulation during the currency redesign policy in the early part of 2023.

Falana said he relied on the provisions Freedom of Information (FoI) Act to obtain details about the amount of currency printed and management of the implementation process.

“To my outter dismay, whereas thee CBN mopped up 3.2 trillion from the public, it only printed N402 billion,” Falana said on Monday when he appeared on Channels TV’s breakfast show, ‘Sunrise Daily’, to discuss issues of corruption in the Nigerian system.

Recall that the CBN had said it redesigned the higher denomination of banknotes to check counterfeit and vote buying during the 2023 general election.

The situation put the country in currency strain before and during the elections.

Falana said during the currency scarcity period when some people collapsed and others died while on queues to get cash at various banks, with some banks attacked and burnt by frustrated bank customers, the CBN failed to show sympathy with Nigerians.