Godwin Emefiele, governor of the Central Bank of Nigeria, CBN, has announced that the bank would release re-designed Naira notes by December 15, 2022.

Emefiele disclosed this at a press briefing in Abuja today, 26th October 2022.

Godwin Emefiele

The governor said existing notes would seize to be regarded as legal tender by January 31, 2023.

The CBN governor said 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 ransom payment to terrorists and kidnappers.

Story: Christy Dung