The apex bank, the Central Bank of Nigeria (CBN) has perfected plan to redesign the 200, 500, and 1,000 naira notes.
This was revealed by the Governor of the apex bank, Godwin Emefiele, during a special press briefing in Abuja.
According to him, the redesign will take effect from Thursday, December 15, 2022, adding that the existing notes would seize to be regarded as legal tender by January 31, 2023.
He lamented that the apex bank is worried that 85 per cent of the currency in circulation is being hoarded by Nigerians.
Emefiele called on Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.
He said that that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.