The apex bank, Central Bank of Nigeria will by December redesign the country’s currency, CBN governor, Godwin Emefiele has said
While making the announcement on Wednesday, he said the bank would release the re-designed Naira notes by December 15, 2022.
Emefiele also said that existing notes would cease to be regarded as legal tender by January 31, 2023.
The CBN said that it is worrisome that 85 percent 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.
According to Emefiele, the redesigned Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.