New Naira Notes: Two Moments Nigerians Took Rotten N1,000 Notes to Bank to Save, as CBN Deadline Approaches

New Naira Notes: Two Moments Nigerians Took Rotten N1,000 Notes to Bank to Save, as CBN Deadline Approaches

  • Two video footages show moments Nigerians who stashed cash at home saw their money destroyed
  • In one of the videos, a man took a metal box filled with destroyed naira notes to the bank hoping to salvage them
  • In another one, bundles of N1,000 notes kept in a sack are destroyed as the owners unpacked them

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As the deadline set by the Central Bank of Nigeria for bank customers to deposit old naira notes approaches, currency hoarders are crying to the bank with their defaced notes.

Two videos currently making the rounds on social media show painful moments hoarders came to terms with reality.

Money like dry leaves

In one of the videos, which allegedly happened in Ibadan, Oyo State, a bank customer took a metal piggybank with crushed naira notes to the bank, hoping for the bank to help salvage whatever remains of his naira notes.

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In the video footage, bank customers and staff picked up the crushed notes, with some saying the money would have were destroyed by heat.

According to video footage commentaries, the money was kept in the piggy bank for more than three years.

In another video footage, wads of destroyed N1,000 notes kept in sacks were seen displayed by the owners who kept the money at home to avoid scrutiny by the banks or anti-graft agencies.

Millions of money kept in sacks destroyed

The bundles of money totalling about N10 million were destroyed by heat and fungus as the owners refused to take them to the bank.

The Central Bank of Nigeria (CBN) announced on October 26, 2022, that it was embarking on redesigning N200, N500 and N1,000 notes, prompting a frantic race by currency hoarders who hurried to bring out their stashed cash into circulation.

The new naira notes were unveiled by President Muhammadu Buhari on November 23 in Abuja amid mixed reactions.

According to the CBN, the old naira notes would circulate together with the new ones until January 31, 2023, when they would cease to be legal tender.

Nigerian man takes $500,000 cash to deposit in a bank, causes Stirs reported that a Nigerian man caused a stir in one of the new-generation banks when he went to deposit $500,000, approximately N200 million.

The picture of the unidentified man circulated on social media has left many asking 'God when.'

The picture was taken in an unknown bank in Nigeria and has left many bewildered about why such an amount of dollars would be hoarded or kept by an individual.


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