Naira redesign: Nigerians, firms deposit N52bn in two weeks

No fewer than N52bn cash have returned to banks following the announcement by the Central Bank of Nigeria that it will redesign some naira notes.

Industry players said the deposit may increase in the next few days to about N3tn.

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

It was gathered that banks had been directed to keep records of depositors, including institutions.

A source said, “As the cash was being taken to banks, the details of all the depositors were sent to security agencies and in some cases, we could trace the sources.

“As of Tuesday, over N52billion cash has been deposited in various banks. Some of the deposits have been traced to some politicians, Bureau De Change operators, suspected money launderers, middlemen, drug barons, businessmen and traders.

“All the banks have been directed by anti-graft agencies to keep records of cash depositors. With this directive, it will be easier to uncover currency hoarders, speculators and those sabotaging the nation’s economy.”