Nigerians in the Diaspora have expressed concern about what to do with old naira notes in their possession.
Colin Udoh, a Nigerian who according to his Twitter profile lives in the U.S. and is a former Super Eagles press officer, asked, “I have some old naira notes with me. So far, I haven’t seen or heard of any plans by central bank for folks in diaspora with old naira notes to exchange theirs. Am I missing something?”
Responding to Mr Udoh, Abike Dabira-Erewa, chairperson of Nigerians in the Diaspora Commission (NIDCOM) asked, “do Nigerians in the diaspora keep or spend Naira notes abroad? Am I missing something?”
In response, Mr Udoh explained that he always has Naira notes for whenever he returns to Nigeria.
“I always carry some naira with me in case I need to pay for stuff. And on arrival, it’s a backup to pay for things like trolley, car rental, assistance, hotels, etc in case ATM fails,” Mr Udoh wrote.
Corroborating Mr Udoh, Osariemen, another user whose profile suggests he lives in the US, said it is an unspoken rule to keep naira notes for anyone who plans to return to Nigeria.
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“I have Naira note here, trust me, you do not want to arrive Nigeria without it. Those airport people will milk you. It is an unspoken rule, keep Naira notes if you intend travelling back to Nigeria,” she said.
Shola Olushola added that “most Nigerians keep Naira with us so that during a visit home, there will be some cash to spend for one or 2 days before visiting BDC. So, it is not out of place if anyone asks for the central bank’s plan towards those in the diaspora.”
Also, Farooq Kperogi, a professor of journalism at Kennesaw State University in the US, said he takes back naira notes when he travels to Nigeria “so that when we have occasion to visit again we can have naira to spend at the airport for trolleys and to pay for taxis to our hotels or houses. I’m now resigned to the fact that the naira I have with me here is useless.”
Nigeria’s President Muhammadu Buhari in November 2023 unveiled new notes of the three highest denominations of the Nigerian currency: N200, N500 and N1,000.
The banking regulator initially set 31 January as the deadline for the use of the old notes but extended the deadline to 10 February after public outcry.
Expert opinion
Onofiok Kings, an Abuja-based financial expert, said the rules must be implemented across the board.
