The development comes in the wake of plans by the Central Bank of Nigeria (CBN), to redesign certain denominations of the Naira notes from December 15, 2022.

According to people in the video, the broken-down truck is the third they had seen loaded with Nigerian currencies looking for where to offload them.

The video showed what seems to be Naira notes, especially N1,000 denominations badly defaced, which those in the video claimed may have been kept in a place where it had damaged and now the owners are looking for where to exchange them.

According to TheNewsGuru.com (TNG), the glut of the naira in the market has crashed the currency’s value, which traded at N900 to a dollar in the black market and N442 to a dollar.

The CBN appears set to implement the Naira change as banks begin compliance with its directive to get ready for a smooth transition to the new currency note.

Last weekend all the commercial banks opened shops for customers, a development which may have helped some depositors to begin the process of aligning their cash holdings with the expected withdrawal of old Naira notes in the weeks ahead.

Some banks are already reporting rising cash deposits though it was not yet clear the sources of those deposits.

There is also no sign of rush or banking hall surge as would have expected if the experience of 39 years ago when the last Naira change happened, was anything to go by.

According to bank officials, such surge may not happen given the new banking environment which is now heavy on cashless transaction. They expect more transactions to be happening on electronic channels as the process of implementing the currency redesign gathers momentum in the weeks ahead.

The bankers noted that they do not expect much challenge with the fears that criminals would besiege the banking halls with large volume of cash they had kept away due to the nature of the source of the money.

See video below:

NewsGuru