The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the N200, N500 and N1,000 notes respectively.
CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja.
He added that existing notes would cease to be regarded as legal tender by January 31, 2023.
He said that the action was taken in order to take control of the currency in circulation.
According to him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
He 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.
Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.
He, therefore, disclosed that,the re-designed Naira notes will be available by December 15,2022.
NPO Reports recalls how the military regime of General Muhammadu Buhari in 1984, changer Naira notes as part of measures to render useless alleged stolen wealth that were stacked away in homes.
Details later…