The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has said the Naira notes would be redesigned, saying that new naira notes would be released by December 15, 2022.
Emefiele disclosed this on Wednesday at a press conference in Abuja.
The CBN Governor expressed the worry that 85 per cent of the currency in circulation is being hoarded by Nigerians.
Emefiele said that existing notes would no longer be regarded as legal tender by January 31, 2023.
He advised Nigerians to proceed to their banks to deposit their Naira notes even as fees would be waived for transactions
below N150,000.
The CBN boss said that with the redesigned Naira notes, there would be curbing of counterfeit notes, as well as the hampering of ramson payment to terrorists and kidnappers.
