BREAKING: Amid #Naira Redesign, 19 Years Old Unused ₦200 Currency Notes In Circulation [VIRAL VIDEO]—-The Genius Media Nigeria reports that Unused N200 Notes in presently in Circulation.
This is coming after Central Bank of Nigeria, CBN, within the week, announced the redesigning of Naira’s higher denominations in a bid to take control of money in circulation.
The apex bank set January 31st as the deadline to phase out the existing N200, N500, and N1,000 notes out of circulation and replace them with new notes.
The CBN governor, Godwin Emefiele, while announcing the new policy, said over 85% of Naira notes are outside the vaults of the commercial banks. The CBN governor said specifically, out of the N3.23 trillion in circulation, over N2.27 are out of the vaults of the commercial banks.
Given what we see everyday and everywhere, Nigeria could easily come down as one of the countries with the most dirty and torn currency notes in the world.
In other climes, when dirty and torn currency notes get into the bank, they never return into circulation, until they are replaced by ways of printing new ones.
In Nigeria, as you are paying in dirty and mutilated notes into an account, the next minutes, the cashier is paying another customer with the same notes.
At the end of the day, the economy runs with mutilated and dirty currency notes.
However, banker officials hoard mint notes for politicians, their big time customers and of course, currency traders who in turn, sell those mint notes at ceremonies.
However, the reason behind this write up is the discovery of new packs of ₦200 mint notes, that were printed in 2003 and had never been used since the past 19 years. Yes, you heard me, 19 years! Where have they been? Your guess is as good as mine, if they were not in the banks. Of course, hoarded in rich people’s homes. Wonder why they are suddenly out? Yes, in a few months from now, they would become useless, as the Central Bank of Nigeria would replace them with new notes of different colours.
Watch the video below:
