Currency hoarders are flooding the banks and market with unspent naira notes as the deadline to exchange old naira notes draws near. 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. That a hoarder has reportedly deposited bales of N200 naira notes printed 20 years ago in order to beat the deadline of January 31, 2023, set by the Central Bank of Nigeria (CBN) to cease the circulation of old naira notes.
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.
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 Recall that the Central Bank of Nigeria, on Wednesday 26 October, announced it has redesigned all major naira notes and will by December 2022 start circulating them.
The affected denominations are N100, N200, N500, and N1000.
The CBN governor, Godwin Emefiele, who disclosed this at a press briefing, said the notes were redesigned following a request from the federal government.
The last time the bank redesigned the naira was in 2014 when it changed the design of the 100 naira note to commemorate Nigeria’s centenary.