- Currency hoarders are flooding the market with unspent naira notes as the deadline to exchange old naira notes draws near
- The banknote redesign plans by CBN are putting a lot of pressure on Nigerians and the naira, with many rushing to deposit cash in the banks
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.
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
