New Naira Notes: Hoarders Release More Unspent Bills, Video Shows 20yr-Old N200 Notes in Circulation

New Naira Notes: Hoarders Release More Unspent Bills, Video Shows 20yr-Old N200 Notes in Circulation

  • Currency hoarders are flooding the market with unspent naira notes as the deadline to exchange old naira notes draws near
  • The banknote redesign plans by CBN are putting a lot of pressure on Nigerians and the naira, with many rushing to deposit cash in the banks
  • A new video has shown crisp and clean naira notes printed 20 years ago being brought into the banks for deposit

Nigerians are rushing to beat the deadline of January 31, 2023, set by the Central Bank of Nigeria (CBN) to cease the circulation of old naira notes.

The CBN said it is introducing newly redesigned N200, N500 and N1,000 notes by December.

N200 notes, CBN deadline
More Nigerians release unspent bills into circulation Credit: Westend61
Source: Getty Images

The announcement by the CBN has put pressure on currency hoarders who are now hauling the notes long kept in their custody into the market.

Read also

President Buhari sends important message to Nigerians over naira redesign

In the latest video, Nigerians spotted bundles of unspent N200 notes, printed in 2003, about 19-years-ago, brought to the bank as the rush to beat CBN deadlines hots up.

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In the video, a bank cashier in one of the banks filmed the notes neatly packed according to their serial numbers brought to the bank for deposit.

“You can see that these notes have not been spent, a female voice said in the video as she fiddled through them, revealing the year they were minted.

According to her, the people who brought the cash for the deposit are trying to beat the CBN deadline and avoid being caught unawares.

Analysts believe introducing unspent naira notes into circulation is the reason for the crash of the naira, as there is a glut of the local currency in the market.

Read also

Video shows truck allegedly loaded with defaced N1,000 notes from North

Naira hoarders release crisp N500 Notes printed in 2007 as CBN plans redesign

Legit.ng reported that ahead of the planned redesign of N200, N500, and N1,000 notes by the Central Bank of Nigeria, naira hoarders have been put on edge and are releasing bank notes in their custody.

On Tuesday, November 1, 2022, Nigerians spotted a crisp and clean N500 note printed in 2007.

The CBN released the naira note in 2007, six years after the N500 note was introduced into circulation.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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