Redesign of naira: Heaps of rotten naira notes uncovered in undisclosed warehouse
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Naira notes
Damaged Naira notes have continue to surface following the Central Bank of Nigeria’s (CBN’s) redesign of the nation’s currency which was officially unveiled by President Muhammadu Buhari on Wednesday, November 23, 2022.
In a video making rounds on social media, bags of damaged naira notes were uncovered at a warehouse in an unknown location.
The money was stashed in multiple bags for a long period in humid condition which however, led to its decay.
The individuals seen in the video examined each bag with the hope of seeing untampered notes, but all were already bad.
According to the apex bank’s data, currency outside the banks appreciated by 11.07 per cent Year-on-Year (YoY) from N2.54 trillion reported in corresponding period of 2021.
The money and credit statistics revealed that currency outside banks hit the highest record of N2.84trillion in October.
While defending its decision to redesign the Naira, the apex bank in October expressed that some individuals were stockpiling huge amounts of cash outside the banking system.
CBN Governor, Godwin Emefiele, had in a statement said, “Significant hoarding of banknotes by members of the public, with statistics showing that over 85 per cent of currency in circulation are outside the vaults of commercial banks.
“To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public.
“Evidently, currency in circulation has more than doubled since 2015; rising from N1.46 trillion in December 2015 to N3.23 trillion in September 2022. This is a worrisome trend that cannot be allowed to continue.”
