CBN Reveals Redesigned Naira Notes Will Be Released December
The Governor of the Central Bank of Nigeria, Godwin Emefiele, announced that the bank would release redesigned Nigerian Naira notes by December 15, 2022.
He also said that existing notes will stop being considered legal tender by January 31, 2023.
Emefiele disclosed this during a press briefing in Abuja on Wednesday.
The CBN has revealed that as much as 85% of the cash circulating in Nigeria is being hoarded.
He urged Nigerians to go to their banks and deposit their Naira notes within the next few days, guaranteeing that transactions below the equivalent of N150,000 would be free of charge.
Emefiele said that the redesign of the Naira notes would help to stop counterfeit notes, as well as hamper ransom payments to terrorists and kidnappers.
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