The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Wednesday announced plans by the Apex bank to redesign the N200, N500, and N1,000 notes.
Emefiele made the announcement during a special press briefing in Abuja.
He said that the redesign would take effect from Thursday, Dec. 15.
He also said that existing notes would seize to be regarded as legal tender by Jan. 31, 2023.
Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.
The CBN boss noted that it is worrisome that 85 per cent of the currency in circulation was being hoarded by Nigerians.
He advised Nigerians to proceed to their banks to deposit their Naira notes.
He assured that the deposit fee would be waived for transactions below N150,000.
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