Just in: New Notes fail most important test of storage, durability
Aside the first test of washing away colours when put in a shirt pocket and the incidence of minting abnormality (See Photo hereunder), the new naira notes, especially 1,000 note, introduced by the Central Bank of Nigeria (CBN) has failed the test of durability.
This is as scarcity of new notes across the nation has deepened even as banks now open weekends. However, checks at banks today, Saturday, January, 28, 2023, showed that they are only receiving deposits and not giving out new notes. The banks said they are in short supply of new notes that cannot go round.
Meanwhile, the latest observation by some Nigerians that got the notes earlier and kept them is that the new notes do not stay for long duration while packed, if not it will start spoiling.
One of the victims, who spoke to Business Hilights in Lagos said “See new money (N1,000) I saved for just two weeks it has begun to spoil,” adding that “Please nobody should put this new money inside saving boxooooo”…
“This is the first currency I have seen that can be bitten by termites and other destructive insects at ease. With this strange and negative character of the new notes, it will no more be good for home storage and this will largely affect rural, the unbanked populace and forest business operators especially in the Northern Nigeria.
