Economy Watch

Central Bank Redesigns Naira Notes

The Central Bank of Nigeria (CBN) says it will redesign N200, N500 and N1000 Naira notes.

CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja.

Emefiele who said issues of the new designs will take effect from Thursday, December 15, 2022, added that existing notes would seize to be regarded as legal tender by January 31, 2023.

Giving reasons behind the development, Emefiele said it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

He added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.

The apex bank boss 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.

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