The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Wednesday announced that Nigeria will launch new currency notes on Dec. 15, 2022.The new currencies to be launched are N1,000, N500 and N200 notes.
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 Wednesday.
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.
Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.