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About N52 billion in cash has been deposited just two weeks after the Central Bank of Nigeria (CBN) announced intentions to redesign certain naira notes. 

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, some representatives of one of the agencies appeared before a Senate Committee behind closed doors. 

From the source:

“As the cash was being taken to banks, we were getting the details of all the depositors 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.


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