Those affected were redirected by the respective banks to take the rejected currency to the CBN.

The Central Bank of Nigeria (CBN) is currently recirculating defaced, mutilated and stale N20 and N50 notes in the heat of the current cash crunch.

SaharaReporters observed in Yola, Adamawa State, for example that the defaced and mutilated naira notes originally kept in the CBN’s dump vault, meant for onward destruction, had now flooded many bank halls.

SaharaReporters learnt that in Yola, many residents are still stranded as banks no longer accept the N200, N500 and N1000 old naira notes.

Those affected were redirected by the respective banks to take the rejected currency to the CBN.

A CBN staff who confirmed the development to SaharaReporters on condition of anonymity, said "The defaced and mutilated were re-issued to cushion the scarcity of naira notes in the state.

"To cushion the scarcity of naira notes the CBN in Yola resorted to issuing banks in the state damaged and defaced N50 denomination sourced from its dump vault where the notes have been designated for destruction to be re-issued to bank customers. But this measure is not in any way motivated by fraud because after the bank's vault dried up, we were caught between the devil and the blue sea.

“To rescue the situation, the bank had to resort to the re-issuance of lower denomination naira notes of N50 and N20 from our vault already designated for destruction otherwise the banks will have no money to issue to customers. Hence they would have been forced to close shop or not open for business."

As things are, banks no longer accept the old naira notes as confirmed by a staff of the United Bank for Afirca (UBA), Yola Branch.

He said the branch had been directed by the head office to stop accepting the old bank notes.

Explaining further, the banker, who pleaded anonymity, hinged the bank's decision on the apex bank's silence.

She said, "The CBN is quiet so we don't know what we are into, so the measure from our bank is to reduce risk because the CBN has been quiet."

Speaking on re-isuance of stale money, the CBN branch controller in Yola, Sanusi Sah, said "Only one out of a bundle of any of the lower denomination notes issued by the bank as far as I'm concerned may be defaced.

"It is not true that some of the notes to be destroyed are being re-circulated back to the public. Maybe one out of 100, of the notes in circulation is defaced. We want the public to be patient. All the banks would be able to dispense the new notes. You can see our vehicles now; we are going to bring money.”

https://saharareporters.com/2023/02/14/exclusive-nigerian-central-bank-moves-out-mutilated-n20-n50-notes-large-supply-cushion

Nlfpmod

What's the value of N20 and N50 Naira notes today in Nigeria

Sharwama reporters on the beat

Meanwhile Emefiele should be charged for economic sabotage. He wants to kill our local economy

This is terrible!!!

Dem don dey give this kind of notes since one or two weeks ago in Lagos

When there's no value for N30 and N50 .....


This government destroyed the currency....


What can you buy with the lowest currencies these days?


Somebody will have to be going around with heavy money that can't even buy you a good snack..

God1000:
What's the value of N20 and N50 Naira notes today in Nigeria

doesn’t matter. if you want to buy 500 naira something. carry 25 pieces of N20 note.

if it’s too bulky for you to pay in N20 or N50 notes for item of high value, operate on TRANSFER.


Pay through Naira transfer or carry your ATM card about.

jasonjnr etc