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The Central Bank Of Nigeria (CBN) on Wednesday said it will redesign the N200, N500 and N1,000 notes respectively.
CBN Governor, Godwin Emefiele, made the disclosure at a special press briefing in Abuja.
Emefiele announced that the introduction of the new naira notes will take effect from December 15, 2022.
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He further disclosed that over 80 per cent of the total cash in circulation was outside the banking system.
ACCORDING TO HIM,
“it is worrisome that 85 per cent of currency in circulation is being hoarded by Nigerians.”
He further urged Nigerians to proceed to their banks to deposit their naira notes, adding that deposit fee would be waived for transactions below N150,000.
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He added that the existing notes would cease to be regarded as a legal tender after mopping them by January 31, 2023.
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