More detail about naira note re-designing by CBN

By December 15, 2022, the Central Bank of Nigeria will issue new Naira notes, according to Governor Godwin Emefiele.

Additionally, he stated that as of January 31, 2023, existing notes would cease to be considered as legal money.

This was mentioned by Emefiele on Wednesday in Abuja during a news conference.

The CBN expressed concern about the fact that Nigerians are hoarding 85% of the cash in circulation.

He also asked Nigerians to deposit their Naira notes at their banks, noting that deposits of less than N150,000 will not be charged a deposit fee.

Emefiele noted that the redesign of Naira notes would prevent terrorism and kidnapping ransom payments as well as reduce the use of counterfeit notes.

Similarly, EFCC has warned the local exchangers to be careful of changing naira to dollar at the period to avoid naira expiration.