"Money I dey find" Man in Video Shows Bags of Shredded Old Naira Notes Thrown Away by 'CBN'
- A man has claimed to have discovered old naira notes allegedly disposed of by the CBN
- Video of the shredded old naira notes has generated a lot of reactions due to the current cash scarcity in the country
- The Central Bank of Nigeria, by law, destroys unfit banknotes regularly under strict security
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A man has discovered large quantities of old naira notes allegedly disposed of by the Central Bank of Nigeria (CBN).
The video, which is going viral on social media, is coming at a time when there is an ongoing scarcity of cash in the country.
Source: Facebook
The shredded bundles of old naira notes included the N500 and N1000 denominations, which the Supreme Court recently ruled would continue circulating until December 31, 2023.
The man in the video was seen screaming:
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They grind money, you see all this is money, money I dey find"
Nigerians reacts
@obbydave wrote:
"People just make videos to post without having to reason. Does he know Reasons old Notes were Shredded? Every Country's economy Shred paper cash. It helps control the inflation in the Country."
@stephen_ogugua wrote:
"CBN should at least it should’ve been burnt not disposing it this way at least for the sanity of the poor citizens."
CBN destroys old naira notes
Legit.ng had earlier reported that the CBN destroys unfit banknotes regularly under strict security and with authorisation.
Section 18(d) of the CBN Act 2007 mandates the destruction of currency notes and coins withdrawn from circulation.
In 2020, a total of 1.51 billion pieces (151,427 boxes) worth N698,593.29 million were disposed of.
In 2019 CBN also disposed of 1.57 billion pieces (157,217 boxes) worth N814,437.60 million in 2019.
The Punch also reported that between 2016 and 2020, CBN destroyed mutilated banknotes worth N4.1 trillion.
CBN spends N58.61billion to print 2.518 billion Naira notes
In a related story, Legit.ng reported that the Central Bank of Nigeria has revealed it spent N58.61 billion printing Naira notes for circulation in the country.
According to CBN, 2.51 billion pieces of banknotes of various denominations were printed to satisfy the currency needs of the economy
The amount spent in 2020 for printing is a significant drop when compared with what CBN spent in 2019 and 2018.
Source: Legit.ng
