The N200, N500, and N1,000 notes, respectively, will be redesigned, according to the Central Bank of Nigeria (CBN).
At a special news conference held on Wednesday, October 26, 2022 in Abuja, CBN Governor Godwin Emefiele revealed this.
According to him, the measure was conducted to seize control of the cash that was in use.
He claimed that the CBN would not tolerate the situation continuing in which the majority of the country’s currency notes were kept outside bank vaults.
The old notes will no longer be accepted as legal tender as of January 31, 2023, he added.
As old naira notes are sent back to the banks going forward, bank charges on deposits will be discontinued.
He acknowledged that the redesign, production, and distribution have received the president of Nigeria Muhammadu Buhari’s approval.
