Mr Godwin Emefiele, Governor of Nigeria’s Central Bank has announced that the apex banker would release re-designed Naira notes by December 15, 2022. He also stated that it will for now affect the N200, N500 and N1000 denominations.
Emefiele added that existing notes would seize to be regarded as legal tender by January 31, 2023, explaining that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.
He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.
He explained that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.