Since the Central Bank of Nigeria (CBN) announced its decision to recall and redesign the N200, N500, and N1,000 notes, speculation has been rife over what may be the intentions of the bank.
While Godwin Emefiele, the bank governor, has said the intention is to mop up physical cash in a bid to go cashless, some Nigerians have perceived the decision to introduce these new legal tenders as a waste of resources.
READ MORE: Naira Redesign: CBN Orders Deposit Money Banks To Open Saturdays
Recently, CBN instructed commercial banks to extend their operating time and accept deposits on Saturdays, and also remove deposit charges.
The bank also removed the limit for cash deposits in its bid to meet the January 31, 2023 deadline for circulation of what would be old Naira notes.
Despite the measures taken by the CBN, the bank is yet to publish what the new notes look like, therefore opening up a world of opportunities to fraudsters.
With the new designs remaining a mystery, ignorant members of the public may be potential victims of fake notes fraud that may be perpetrated by peddlers of misinformation between now and the end of January when the real new notes will go into circulation.
Other than the risk of accepting fabricated notes, Nigerians may begin to reject the current notes before the January 31 deadline owing to disinformation, leaving many stranded.
Between now and the deadline, CBN remains the only verified source of information on the Naira change.
