The Central Bank of Nigeria (CBN) is to release newly designed naira notes by December 15, 2022.
The CBN governor, Dr. Godwin Emefiele , disclosed this at a press conference on Wednesday in Abuja.
He said the redesigned notes include N200, N500 and N1000 adding that the old notes would cease to be regarded as a legal tender after mopping them by January 31, 2023.
He lamented, “that 85 per cent of the currency in circulation is being hoarded by Nigerians”.
The CBN governor urged Nigerians to proceed to their banks to deposit their naira notes, adding that deposit fee would be waived for transactions below N150,000.
According to him, the redesigning of naira notes would help to curb counterfeit notes, as well as hamper ransom-payment to terrorists and kidnappers.
