Drama as Man Arrives CBN's Kano Office With N50m in Old Naira Notes in Sack Bags, Video Goes Viral

Drama as Man Arrives CBN's Kano Office With N50m in Old Naira Notes in Sack Bags, Video Goes Viral

  • A viral video shows a Nigerian going to the CBN office in Kano to deposit N50 million cash in old naira notes
  • The unidentified man who was interviewed at the gate claimed that he was a trader and the money belonged to him
  • President Buhari, on Thursday, February 16, insisted that the old 1,000 and 500 notes are no longer legal tender

A Nigerian man caused a stir in one of the Central Bank of Nigeria (CBN) branches in Kano when he went to deposit N50 million old naira notes.

The video of the unidentified man has gone viral on social media, with many asking why he waited this long to deposit his old notes.

The man chuckled as he answered a question presented by CBN officials as he marched directly to the CBN headquarters with four men carrying large sack bags.

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CBN naira old naira notes
Man visits CBN branch to submit N50 million in old notes. Credit: @hastio
Source: Facebook

In response, the man said the money belongs to him and he is a trader in Kano state.

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When he was asked why he is just depositing the money now he responded:

"I am a trader and sell flour."

How much do you have here with you, another person asked.

"I have 50 million naira cash, It is my money."

After the video ended at the CBN office gate, it's unclear if the person was permitted to deposit the N50 million cash.

However, CBN has insisted that no Nigerian will lose their legitimate money and its office will be ready to collect the old naira notes.

Buhari insists old N1,000 and N500 no longer legal tender

Meanwhile, president Buhari has insisted that the old naira notes of N1,000 and N500 are no longer tender.

Read also

Godwin Emefiele directs commercial banks to make available N200 notes to Nigerians

In a live broadcast on Thursday, February 16 2023, the president called on Nigerians with the old naira notes to return the notes to CBN branches nationwide.

He however only approved the continued use of N200 notes as legal tender across Nigeria.

Part of his message reads:

“To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender,” Mr Buhari said.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”

CBN opens portal for deposit of old naira notes

Read also

Buhari says Old N500, N1000 notes no longer legal tender

In a similar report, the Central Bank of Nigeria has launched a website for Nigerians to apply to deposit old naira notes.

The portal is to help Nigerians who still have the old N500 and N1000 notes not to lose their money.

The federal government and CBN have insisted that commercial banks will no longer collect the now-outdated notes.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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