Naira Hoarders Release Crisp N500 Notes Printed in 2007 as CBN Plans Redesign
- Nigerians have spotted a 15-year-old N500 note as the Central Bank of Nigeria begins naira redesign
- According to social media users, the banknotes were hoarded and only released for fear of losing them
- The CBN has issued a deadline of January 31, 2023, for the withdrawal of old banknotes in Nigeria
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Ahead of the planned redesign of N200, N500, and N1,000 notes by the Central Bank of Nigeria, naira hoarders have been put on edge and are releasing bank notes in their custody.
On Tuesday, November 1, 2022, Nigerians spotted a crisp and clean N500 note printed in 2007.
Source: Getty Images
The CBN released the naira note in 2007, six years after the N500 note was introduced into circulation.
Hoarded currencies making their ways into circulation
According to a Twitter user with the handle barakah_bello, the note was hoarded by Nigerians and is making their ways into circulation as CBN unveils plans to give the currencies a new look.
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She said:
“Just imagine 15 years minted N500 notes. These guys hoarded our economy long ago.”
Another responded that he had 2020 crisp notes and thought it was old until he saw the ones printed since 2007.
Current Anambra State governor Charles Chukwuma Soludo was Nigeria’s Central Bank governor in 2007.
The plan by the CBN to redesign the naira notes has put a lot of hoarders on edge as they would find it hard to reintroduce the monies into the banking system for fear of being tracked by anti-corruption agencies.
While announcing the plan to redesign the currencies, the CBN stated that much money is outside the banking system and that the only way to control the money in circulation is to redesign the notes.
New naira notes: Banks issue deadlines to customers to deposit old naira notes
Recall that Legit.ng reported that amid the bickering between the Minister of Finance, Budget and National Planning, Zainab Ahmed and The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, over the redesigning of naira notes, several banks have given deadlines to their customers to deposit old naira notes.
One of the banks, Fidelity Banks, announced via its Instagram page on Saturday, October 29, 2022, that its customers have until January 31, 2022, to deposit old naira notes or risk being rejected.
The bank said it would extend working hours to 6 pm in all its branches to allow cash deposits.
Source: Legit.ng
