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 notes by December 15, 2022.

CBN Reveals Redesigned Naira Notes Will Be Released DecemberHe 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 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 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 notes would help to stop counterfeit notes, as well as hamper ransom payments to terrorists and kidnappers.


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