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 surfaced.
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.
“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 springing 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 draws 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.
Emefiele advised depositors to hit the banks to exchange their old currencies for the new ones before the January 31, 2023 deadline, when the old notes would cease to become legal tender.
Though the Minister of Finance, Budget and National Planning, Zainab Ahmad, warned the CBN of the consequences that may arise from redesigning 200, 500, and 1,000 naira notes, President Muhammadu Buhari backed the move, saying it will help fight corruption.
Buhari said he was convinced that the nation would gain a lot from CBN’s decision to redesign the naira notes.