A video of a broken-down truck transporting what appears to be 1,000 naira notes is currently making the rounds on various social media networks.
According to the people in the video, this is the third truck they have seen loaded with Nigerian currency looking for a place to offload it. They also claimed that the naira notes appeared to be badly defaced, implying that they had been stored for a long time.
This recent development comes on the heels of the Central Bank of Nigeria’s announcement of plans to redesign naira notes. Since the announcement, there have been videos online of various forms of naira, some of which are 15-20 years old resurfacing and circulating the market.
This has caused the naira to rise, flooding the market and causing its value to plummet. The naira now trades for more than 817 naira to a dollar on the black market and more than 440 at the Central Bank’s official rate.
The Central Bank announced that it is redesigning the 200, 500, and 1000 naira notes, and that the previous notes will be phased out on January 31, 2023. As a result, hoarders are doing everything possible to get rid of their old notes before the deadline.
Beginning December 15, 2022, Nigerians will have access to the redesigned naira notes.
Banks are also reporting an increase in cash deposits, though the source of these unexpected deposits is unknown.