The Central Bank of Nigeria (CBN) said on Sunday, November 13, 2022, that it was encouraging to see the increase in foreign currency deposits at banks and other financial institutions.

The federal government is sticking to its decision to unveil new naira banknotes by December 15. Indeed, to achieve the objectives, plans are underway to ensure a transparent implementation of the initiative according to a statement by bank spokesperson Osita Nwanisobi. The aim is to preserve the integrity of local legal currency by reducing the significant amount of cash outside the banking system and its use in criminal activities, reducing counterfeiting and promoting financial inclusion, among others.

According to Nwanisobi “the Bank will continue to monitor the evolving situation and issue updates to the banking public on the implementation of the Naira redesign policy if necessary.”