The Central Bank of Nigeria (CBN) has announced its plan to redesign the current naira note by December 2022.
The Governor of the apex bank in Nigeria, Godwin Emefiele, made this disclosure during a press briefing in Abuja on Wednesday.
Emefiele stated that the redesigned naira notes will be released by 15 December, and the old naira notes would seize to become legal tender from 31 January 2023.
He revealed that this exercise would affect the highest denominations which include, N200, N500 and N1000 notes.
The CBN Governor said the action was taken to control the currency in circulation, as 85% of the nation’s currency notes are being hoarded by Nigerians.
He added that Nigerians can proceed to deposit their Naira noted in their banks adding that the deposit fee would be waived for transactions below N150,000.