The Governor, Central Bank of Nigeria, (CBN) Godwin Emefiele, has declared that the bank would release re-designed Naira notes by December 15, 2022.
He also said that existing notes would seize to be regarded as legal tender by January 31, 2023.
Emefiele disclosed this during a press briefing in Abuja on the late hours of Wednesday.
The CBN Governor also said that it is perturbing that 85% 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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