A viral video has shown residents in Benue State flocking to a riverside where a stash of cash was found.

In the video, the residents said billions of old notes kept in sacks have been defaced beyond repairs.

The move by the Central Bank of Nigeria to redesign some naira notes have piled pressure on currency hoarders.

Again Nigerians were alarmed when heaps of sacks containing spoilt naira notes were dumped in a warehouse at a riverside in Benue State.


https://www.youtube.com/watch?v=Y-O4iwCA2Vo

In the viral video hordes of residents in the area rushed to the scene where the notes, kept in sacks, have defaced beyond repairs.

Residents alarmed by spoilt billions
A voice in the video was heard saying in pidgin English that it has spoilt.


The video has been viewed over 51,000 times.

This comes as CBN prepares to introduce new naira notes into circulation on December 15, 2022.

CBN policy piles pressure on currency hoarders
The CBN stated that the old naira notes would cease to be legal tender by January 31, 2023.

The Central Bank of Nigeria has on October 26, 2022, stated that it is embarking on redesigning the naira notes because about 80 per cent of the money in circulation is outside the banking system.

The bank stated that it is redesigning N200. N500 and N1000 notes.

According to the CBN, it has received over N1 trillion of old notes and deposited the same amount with the banks.

The CBN, which reduced withdrawal limits to N100,000 weekly for individuals and N500,000 for corporate bodies, have been under pressure from politicians to rethink the policy as it would affect Nigerians.

CBN under pressure

The bank said it remains unwavering in its resolve to continue with the cashless policy to strengthen the naira and economy.

The move by the CBN has led to currency hoarders releasing old naira notes in their possession.

Recently, a truck allegedly loaded with defaced N1,000 notes was seen heading from the north.

Nigerians were alarmed that a huge stash of cash have been hidden by Nigerians while many are impoverished.

The latest discovery of spoilt naira notes has revealed how much under pressure hoarders have been as Nigeria’s apex bank tightens its fiscal and monetary policy.

Source: https://www.legit.ng/business-economy/money/1509419-heartbreaking-video-shows-billions-rotten-naira-notes-dumped-river-side-benue-state/