The Central Bank of Nigeria, (CBN), has said it will redesign the N200, N500 and N1, 000 notes respectively.
The CBN governor, Godwin Emefiele, who announced this yesterday in Abuja during a press briefing, said that it has received the approval of President Muhammadu Buhari to redesign, produce and circulate new notes of N200, N500 and N1,000.
Emefiele, who said the action was taken in order to take control of the currency in circulation in the country, stressed that the move was in line with the currency management function of the CBN as enshrined in Section 2 (b) of the CBN Act 2007.
According to him, the bulk of the nations currency notes were outside bank vaults, and that the CBN would not allow the situation to continue. He added that effective January 31, 2023; the current currency notes will cease to be a legal tender.
According to the apex bank, henceforth, bank charges on deposits will be suspended, as the current but soon-to-be old naira notes are remitted back to the banks.
The apex bank boss confirmed that President Muhammadu Buhari has given approval for its redesign, production, and circulation.
