From Uche Usim, Abuja
Barely a week after the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, revealed plans to unveil redesigned N200, N500 and N1,000 naira notes by December 15, sacks of mouldy, decomposing naira notes buried by currency hoarders have started surfacing in banking halls in Abuja.
Many of the hoarders have been sun-drying their stashed cash and repackaging them for onward lodgement at banks.
Bank sources said the cash-obsessed individuals prefer to deposit their money now to avoid the “mad rush” that would likely dog the currency renewal exercise in the weeks ahead.
“Most of the notes have moulds, meaning they were stored in locations with high humidity. The notes are mostly glued together and dusty. Separating them to enable the counting machine to count them correctly is a challenge on its own. They keep jamming.
“We’re seeing currencies printed 15 years ago coming up from nowhere. The CBN Governor’s announcement is really revealing a lot of things”, a bank source said.
The CBN Governor, Mr Godwin Emefiele, while announcing the currency redesigning plan last week, said the action drew legitimacy from Sections 2(b), section 18(a), and section 19, Subsections a and b of the CBN Act 2007 and has the best of intentions for the economy and Nigerians.