“₦700K in new currency is being sold for ₦1 million by money changers at parties” – BBNaija’s Whitemoney raises alarm (video)

He claimed to have just attended a party where he was surprised to find money changers selling bundles of mint #200, #500, and #1,000 notes.

Following his experience at an event, Whitemoney, the winner of BBNaija Season 6 has expressed concerns about an alleged unethical practice in the Nigerian financial sector.

In a video posted on his Instagram account, Whitemoney said that although new notes are plenty at events, there has recently been a shortage of cash in banks, both old and new currency.

He claimed to have recently visited a party where he was surprised to find money changers selling bundles of mint #200, #500, and #1,000 notes for partygoers to spray on the host.

He thought it was even more revolting that money changers were earning a staggering N300,000 profit on each transaction by selling N700,000 in fresh money for N1 million.

He also questioned how the money changers obtained it given that banks did not have easy access to it.

View his remarks below.

Even though the new money is hard to come by, internet users have taken to sharing footage of partygoers recklessly spraying it at events.

Watch some party footage here.

The new Naira note everyone is looking for is available at the party, but accessable to Nigerians. Unfortunate pic.twitter.com/AQUlGJr6T8

— Zafirah M. Muhammad (@Oziohu7) January 31, 2023

CBN printed the new notes. They handed them over to the commercial banks. The notes disappeared from the banks, only seen at parties. pic.twitter.com/sIwgUZhgK4

— LMAN ✨ (@L_man__) January 28, 2023

People are struggling to get the new Naira Note yet on a steady people are turning up in parties with #NewNairaNotes
At a Party Yesterday 700k was been changed for 1 Million naira
300k to change money#CBN #DeadlineDay #Naira #PetrolDieselPrice #Transfers #PeterObi4President2023 pic.twitter.com/3I9G47k55h

— CryptoAndor (@Cryptoandor) January 31, 2023