Barely two weeks after the announcement of plans by the Central Bank of Nigeria (CBN) to redesign some naira notes, about N52 billion cash has been deposited.
Since it is believed that roughly N3 trillion in cash was in circulation when the apex bank announced the policy, there are signs that the deposit amount may rise over the next several days.
According to the CBN, some of the identified depositors included businessmen, politicians, Bureau De Change operators, financiers of real estate, traders, and others.
Additionally, it was discovered that banks are required to maintain records of depositors, including institutions, by the Economic and Financial Crimes Commission (EFCC) and other security organizations.
High-profile depositors, particularly currency hoarders and money launderers, may soon be subject to screening.
There were worries that the redesign of some naira notes would have an impact on the amount of money raised for the current 2023 campaign.
Security and intelligence services have confirmed significant cash deposits of N52 billion in banks in less than two weeks, according to a trustworthy source who was armed with facts and numbers.
According to the source, on Tuesday in Abuja, several members of one of the agencies came before a Senate Committee behind closed doors.
“We were obtaining the details of all the depositors as the cash was being transported to banks, and in some cases, we could track the sources,” the person claimed.
