Naira Redesign: Reactions As Rich Nigerians Start Using Sack Bags To Take Money To Banks

Days after the Central Bank of Nigeria announced the redesign of the N1,000, N500 and N200 notes, with a directive that the current notes be remitted to the commercial banks, wealthy individuals and organisations with huge cash stashed away have begun depositing them, Saturday PUNCH can report.

Our correspondents gathered from sources and workers in the operations department of many commercial banks that even though there has yet to be any rush by customers, there was a gradual increase in the volume of cash and amounts being remitted by customers.

The news headline has stirred mixed reactions among Facebook users, Read some of the reactions from Nigerians that come across the headline on Facebook:

1. If the idea behind the redesigning of the naira notes is just to get the money outside the bank, into the bank, then it wouldn’t be changing anything other than the notes. People should be made to explain how they came with the huge amount they are bringing into the bank. There should be some penalties that would help national monitary and economic processes.

2. Greedy people everywhere. These are the people you will ask for favour but will never do it for you.

3. I think CBN should cancel 1,000 and 500 Naira notes to discourage hoarding of our currency. Especially since we have cashless payment systems. Otherwise the new notes will still end up same like old one, people will still hoard it.


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