New Naira Notes: 20yr-old N200 Notes Released By Hoarders

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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.

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 hits 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.

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