The supply of new banknotes received by commercial banks has proven to be insufficient to meet demand, forcing them to keep paying out old banknotes.

There have been reports of new notes of 1,000 naira (NGN1,000. 2) being sold at a 20% premium.

Obviously persons holding large amounts of old notes of the series to be demonetized must be willing to pay a fee to obtain the new ones, giving the restrictions imposed for the redemption of the old ones. 

Source: legit.ng

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