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

He also said that existing notes would seize to be regarded as legal tender by January 31, 2023.

Emefiele disclosed this during a press briefing in Abuja on Wednesday.

The CBN said that 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 ramson payment to terrorists and kidnappers.

By lytetrend

Nwachukwu Augustine (Chris Austine) popularly know as Odogwu Biller~Moni is the CEO and founder of the entertainment website 'LYTETREND'. He started his blogging career at an early youthful age because of the passion and vibes he has for music and anything relating to fun. His vision is to grow the website to become among the top leading entertainment site in Africa in coming years.

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