An image of a Nigerian going to a bank to deposit $500,000 has gone viral on social media.

Photo credit

The unidentified man allegedly banked the money when CBN took steps to redesign Naira.

.Rumors that the US is rejecting certain dollar denominations are causing panic.

When a Nigerian tried to deposit his $500,000 (approximately N200 million), he caused controversy in one of the new generation banks.

An image of an unidentified man circulating on social media has caused many to ask, “God, when?”

Money Laundering Law Violation?

This photo was taken at an undisclosed bank in Nigeria, and many are puzzled as to why so much money is hoarded or held by individuals.

It is not clear whether individuals have violated money laundering laws as Nigeria suffers from a dollar shortage.

Last week, the central bank of Nigeria reportedly withdrew $1.8 billion from its foreign exchange reserves to support foreign currency liquidity, leading to a decline in foreign exchange reserves.

One replied:
Do not envy him. Do you know if he’s a kidnapper, a terrorist, or a bandit?

Yishau said rumors that the US warned that some currencies printed in certain years, especially before 2021, would not be accepted led many to do so. Flooding the market with dollars

Lagos forex trader Ishaya Abdul said there are so many dollars in the market right now that many forex traders are selling dollars. “What’s happening now is that most forex traders are releasing dollars they’ve been hoarding in the past. The dollar is depreciating very quickly right now.

Samuel Alexander

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