Bawa reveals that over N500 billion worth of old Naira notes are still outstanding and unreturned to CBN

Thursday, 23 February 2023, 2:28 pm

The Economic and Financial Crimes Commission (EFCC) Chairman, Abdulrasheed Bawa has said that over N500bn of old Naira Notes are yet to be returned to the Central Bank of Nigeria.

“Appearing on Channels TV’s Politics Today, Bawa also revealed that the CBN has printed N500 billion new naira notes which is in circulation. He said; “The only option politicians have now is to buy votes, as BVAS will do a lot of wonders. They want to maximize the numbers they have. That is the intelligence we have and I am happy that all the security agencies are working to make sure the election is successful. “Some people stashed money for the purpose of the election. Even as of today we still have over N500 billion old naira notes that are yet to be returned to the CBN. And the CBN has printed N500 billion new naira notes which is in circulation. “We have our own way of getting such Intel and God willing we are going to use it maximally this time around.”

Abdulrasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), stated during an interview on Politics Today on Channels TV that there are still over N500bn worth of old Naira Notes that haven’t been returned to the Central Bank of Nigeria. Bawa also mentioned that the CBN has circulated N500 billion worth of new Naira Notes. He went on to say that politicians now have no other option but to purchase votes, as BVAS (an electoral verification system) would significantly impact the number of votes they receive. He stated that his organization had received intelligence that some people have hoarded money for the election, and that they will utilize this information to its fullest extent this time around.