Nigeria’s CBN Set To Redesign 200, 500, and 1000 Naira Notes,says Emefiele

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The Central Bank of Nigeria (CBN) has announced its plan to redesign some naira notes.

The CBN Governor, Godwin Emefiele, who disclosed this during a special press briefing in Abuja.

Godwin Emefiele said the new design and issues will be effective from Thursday, December 15, 2022.

He advised Nigerians to take old notes to banks for the new notes.

According to Emefiele, the new notes include N200, N500 and N1000. He also said that existing notes would seize to be regarded as legal tender by January 31, 2023.

The CBN said 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.

Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.

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