Hoarders Release More Unspent Bills; Video Shows 19-Year-Old N200 Notes in circulation

The Central Bank of Nigeria (CBN) has set a deadline of January 31, 2023, for the cessation of the circulation of old naira notes, and Nigerians are scrambling to meet this deadline.

By December, the CBN said it would introduce newly redesigned N200, N500, and N1,000 notes.

The CBN’s announcement has put pressure on currency hoarders, who are now bringing the notes they have been holding for a long time into the market.

As the race to meet CBN deadlines heats up, Nigerians have seen bundles of unutilized N200 notes printed in 2003, or roughly 19 years ago, brought to the bank.

A bank cashier in one of the banks was filmed in the video neatly packing the notes according to their serial numbers as they were brought to the bank for deposit.

“You can see that these notes haven’t been spent,” a female voice in the video said as she fiddled with them, revealing the year they were minted.

According to her, those who brought the cash for the deposit are attempting to beat the CBN deadline in order to avoid being caught off guard.

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