20-Year-Old N200 Notes Video Surfaces As Hoarders Release More Cash

In order to beat the Central Bank of Nigeria (CBN) deadline of January 31, 2023, to stop the circulation of old naira notes, a hoarder reportedly submitted bales of N200 notes produced 20 years ago.

Recall the CBN announced intentions to redesign and reprint the N1000, N500, and N200 currency denominations on Wednesday, October 26, 2022, in an effort to curb inflation and take control of the nation’s money supply.

According to the CBN governor, Godwin Emefiele, “Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks.

“Worsening shortage of clean and fit banknotes with an attendant negative perception of the CBN and increased risk to financial stability. Increasing ease and risk of counterfeiting evidenced by several security reports.”

“Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.”

“On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.”

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“In line with this approval, we have finalised arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.”

Since the news, hoarders are reportedly lining up at banks around the country to deposit the mountains of cash they are holding.

Unspent N200 notes created in 2003, roughly 19 years ago, were seen being presented to the bank in the most recent video, which Nigerians saw as the race to meet CBN deadlines intensified.

A bank cashier in one of the banks recorded the notes being brought to the bank for deposit while they were neatly arranged according to their serial numbers.

As she played around with the notes and revealed the year they were printed, a female voice observed, “You can tell that these notes have not been spent.

She claims that those who delivered the cash for the deposit were attempting to beat the CBN deadline in order to prevent being caught off guard.

Since there is an abundance of the local currency on the market, analysts believe that the introduction of unspent naira notes into circulation is what caused the naira to plummet.

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