LEGIT NG
A Nigerian man caused a stir in one of the new-generation banks when he went to deposit $500,000, approximately N200 million.
The picture of the unidentified man circulated on social media has left many asking ‘God when.’
A breach of Money Laundering Act?
The picture was taken in an unknown bank in Nigeria and has left many bewildered about why such an amount of dollars would be hoarded or kept by an individual.
It is not clear if the person had violated the money laundering act as Nigeria grapples with dollar scarcity which previously led to the crash of the naira.
Last week, the Central Bank of Nigeria reportedly pulled $1.8 billion from the external reserves to shore up forex liquidity, leading to a decline of the reserves.
One person responded: “Don’t envy him. Do you know if he might be a kidnapper, terrorist or bandit? They are the ones rolling in ransom dollars now”Another said: “Continue to pretend. The money you asked someone to deposit into your Dorm account and instructed him to send pictorial evidence of payment.”
The recent glut of dollars in the market has been identified as the reason for the sudden appreciation of the naira.
Analysts believe that many who hoarded the dollar in or converted their naira into dollars are flooding the markets with the US greenback.
Abbas Yishau, a journalist with Radio Now in Kano, told Legit.ng that many hoarders are scared that some denominations of dollar bills beyond certain dates will be rejected.
