SHARE THIS
- Pix(above): The N50m depositors
Following President Muhammadu Buhari’s national broadcast on February 16 affirming that only old N200 note henceforth remains valid until April 10, while N500 and N1000 have lost their legal tender status, and CBN’s advice for citizens to take their old notes to any branch of the apex bank nationwide, a man in Kano, yesterday, stormed a CBN branch in Kano to deposit the sum of N50m cash, in what appeared like the Ojo Ladipo Theatre epic.
The unknown man who simply identified himself as a Kano trader, in a now-viral video, was asked by CBN officials why he waited this long to want to deposit his old notes.
Responding, he said, “the money belongs to me and I’m a big-time trader in Kano State dealing in flour,” with four men carrying large sacks of the money accompanying him.
“How much do you have here with you?” the CBN officials asked. “I have 50 million naira cash, and it is my genuinely earned money,” he answered with pride.
It was, however, not clear whether or not the apex bank officials received the money from him, as the video ended abruptly.
In yesterday’s broadcast on challenges of currency swap, President Buhari had said: “I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
“This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.”/SHARE THIS