₦airaland Forum

I got this old 500 naira notes in mint.
They are not looking like money stored somewhere and brought out for the festivities.

Wild thought.

The government does not know the volume of old notes in circulation.
So someone is minting these note and it is not traceable or accounted for.

The aim of the naira redesign was to reduce the amount of cash in circulation not to replace old note so since we kicked against it the old design is still being printed

JAOS:
The aim of the naira redesign was to reduce the amount of cash in circulation not to replace old note so since we kicked against it the old design is still being printed

It wouldn't make sense minting the two different notes at the same time.
Again, the mint of the old N500 note was dated 2022, the year it was last minted. If they are deliberately minting these notes, it would be marked the current year of mint.

Some people hoard currency...

Politicians basically who can't take them to the bank. This is their season. So some of the currency would surely creep back to circulation.

I think by now one of the currency either the old or new ought to have been gradually withdrawn from the market.

I don't think it makes much sense having two currency in circulation!

thesolutions:
It wouldn't make sense minting the two different notes at the same time.
Again, the mint of the old N500 note was dated 2022, the year it was last minted. If they are deliberately minting these notes,bit would be marked the current year of mint.

Check the date, it was printed since 2022.

PulaPower:
Check the date, it was printed since 2022.

Don't mind him
He didn't research before posting
Nawao

it so easy to make counterfeit bills . you can even use an inkjet to do such. the problem is people doing such focus on 1000- 500 naira which put them on a fish trail when the cat comes calling.

JAOS:
The aim of the naira redesign was to reduce the amount of cash in circulation not to replace old note so since we kicked against it the old design is still being printed

That's not true. Naira was redesigned to stop a politician from buying votes. Scarcity of cash was the reason some people were promised compensation after appeals to vote for APC. https://www.instagram.com/reel/CpuJMzEIKGs/?igsh=MXRsY3psZHEzZmY0Yg==

To the point the OP raised, considering the date the currency was printed, they could be the ones printed a year before Emefiele and Buhari announced the poorly executed naira change policy or the cash some people stashed away and refused to return them during the cash recall.

The old notes ought to have been phased out. I don't know how true the rumour is that the President told Wale Edun to resign. Another person who should leave is Cardoso.

VeeVeeMyLuv:
Don't mind him
He didn't research before posting
Nawao

You mean money can not be printed in 2025 while the date of print is backdated.
Check all the N100 centenary notes. See if you would see any one carrying 2015 to 2019.
They were all 2014

thesolutions:
I got this old 500 naira notes in mint.
They are not looking like money stored somewhere and brought out for the festivities.

Wild thought.

The government does not know the volume of old notes in circulation.
So someone is minting these note and it is not traceable or accounted for.

2022 it's boldly written on the first #500 in your picture

BondRiv:
The old notes ought to have been phased out

Why?

brain54:
Some people hoard currency...

Politicians basically who can't take them to the bank. This is their season. So some of the currency would surely creep back to circulation.

I think by now one of the currency either the old or new ought to have been gradually withdrawn from the market.

I don't think it makes much sense having two currency in circulation!

The only difference between the old and new #500 is the colour. There's nothing wrong with the two notes coexisting.

Ikaeniyan0:
The only difference between the old and new #500 is the colour. There's nothing wrong with the two notes coexisting.

Okay, but why do you think there should be two notes existing...


And not a uniform one?

Ikaeniyan0:
Why?

That was the intent. It also has enhanced security features. It makes no sense to have different versions of the same currency in circulation.

thesolutions:
You mean money can not be printed in 2025 while the date of print is backdated.
Check all the N100 centenary notes. See if you would see any one carrying 2015 to 2019.
They were all 2014

No. All notes printed per time must carry the signatures of the CURRENT CBN governor and Director of currency operations as at the date of printing. If you backdate am who go sign am?

BondRiv:
Another person who should leave is Cardoso.

Cardoso has been one of Nigeria's most successful CBN Governors.

If you knew the peril the naira faced in 2023/2024, where it was heading, and where it has been in 2025, you wouldn't understand where I am coming from.

And the various reforms the CBN has introduced to turn the economy around in such short time is near miraculous.

It is no surprise Mr Cardoso won Africa's Central Bank Governor of the year award. Mr Cardoso seems like a quiet man, but quite effective.

Leaving noise aside, if you give me a choice of Prof Soludo, Emir Sanusi, or Mr Cardoso, I will choose Mr Cardoso as CBN Governor.

A General who went to a very difficult war, commanded his troops, and won is a PROVEN General. If there's another war, I would rather have that General than Generals who have only dealt with riots.

Most of the banks where hoarding it, now dey are releasing them into circulation.... NIGERIA no panic, more to come

JAOS:
The aim of the naira redesign was to reduce the amount of cash in circulation not to replace old note so since we kicked against it the old design is still being printed

The date is 2022

JAOS:
The aim of the naira redesign was to reduce the amount of cash in circulation not to replace old note so since we kicked against it the old design is still being printed

The date on the paper is 2022

VeeVeeMyLuv:
Don't mind him
He didn't research before posting
Nawao

brain54:
Okay, but why do you think there should be two notes existing...


And not a uniform one?

Base on how things are in Nigeria, there's no big deal the two currencies are existing