One Week to Deadline: Nigerians React As Mutilated New Naira Notes Enter Into Circulation

One Week to Deadline: Nigerians React As Mutilated New Naira Notes Enter Into Circulation

  • Nigerians have taken to social media to react to mutilated new naira notes they collected from Automated Teller Machine
  • The CBN had instructed banks to ensure that ATMs across the country are loaded with new notes
  • It is just one week to the deadline for Nigerians to return their old naira notes to their banks for the new notes

Nigerians have taken to social media to react to images of mutilated new naira notes withdrawn from Automatic Teller Machines.

Some of the reactions questioned why the banks were not taking due diligence before depositing the notes into the ATMs.

In a circular in March 2022, the Central Bank of Nigeria warned Deposit Money Bank in the country over mutilated new naira notes.

CBN new naira notes
Images of mutilated new naira notes Photo credit: @kaluaja
Source: Facebook

The Punch reports that CBN told banks to stop including composed currency notes in their deposits or risk paying a penalty of 400 percent of the value of the banknote.

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The CBN gave the warning in a circular titled, ‘Treatment of Composed Banknotes’, issued to all deposit money banks and signed by its Director, Currency Operations Department, Ahmed Umar.

Nigerians react to the mutilated notes from ATM

@olaolumusic reacts to the mutilated notes:

"It is actually growing, a few more days and you have two new notes. No need for investment, just add fertiliser and you're set for life. Innovation is the key "

@ACEzenduka said:

"If you own this banknote keep it , don't spend it. Anomalies in currency production if rare, are worth more than their face value."

@SeyiNG1 advised

"Only if people know how much they dent the country image by always getting excited to post bad image and mistakes about the country online.
"One thing that is lacking in Nigeria is not leadership. Its patriotism"

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CBN deadline: Journalist Morayo breaks kids' piggybanks after almost 10 years, packs old naira notes out

@GeneralProspect said:

"This is a mistake during printing it happens everywhere in the world"

Experts predict naira exchange rate to US dollar in 2023

In another report, Legit.ng revealed that the Nigerian currency naira had a tough 2022 trading against the dollar and other foreign currencies.

Experts have taken turns making predictions for the new year, and they feel it will be either good or more troubles.

The federal government in its 2023 budget set the naira to the dollar exchange rate at N435.57/$ for 2023.

Source: Legit.ng

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