The Central Bank of Nigeria on Wednesday said it would release re-designed Naira notes by December 15, 2022.
Governor of the CBN, Godwin Emefiele announced this during an ongoing press briefing in Abuja.
Emefiele 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.
Why CBN Redesigned Naira Notes
The CBN governor added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.
This is a developing story. More details will be added soon.
Meanwhile, Kanyi Daily reported that the CBN and the Nigerian Army had opposed a suit to remove Arabic inscriptions from naira notes and logos.