- A broken-down truck allegedly loaded with N1,000 notes was spotted on social media
- According to the video, the truck is the third loaded with naira notes from a state in the North looking for where to offload them
- The development comes as the CBN began plans to redesign certain denominations of the naira notes
Video circulating on social shows a broken down truck loaded with what is perceived to be N1,000 notes from one of the states in the North.
According to people in the video, the broken-down truck is the third they had seen loaded with Nigerian currencies looking for where to offload them.
Naira notes loaded is the third
The video shows what seems to be naira notes, especially N1,000 denominations badly defaced, which those in the video claimed may have been kept in a place where they became damaged. Now the owners are looking for where to exchange them for the dollar.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through email@example.com!
This comes on the heels of plans by the Central Bank of Nigeria to redesign naira notes which have spurred a glut of the local currency in the market.
There have been videos and pictures of notes hoarded by Nigerians from as far back as 20 years ago resurfacing in circulation as CBN speeds up plans to introduce the redesigned notes from December 15, 2022.
The glut of the naira in the market has crashed the currency's value, which traded at N900 to a dollar in the black market and N442 to a dollar in the official market.
New naira notes: Hoarders release more unspent bills, video shows 20yr-old N200 notes in circulation
Legit.ng reported that 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. 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.
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.