CBN redesigns 200, 500, 1000 naira notes — citiMuzik

The Central Monetary establishment of Nigeria (CBN) on Wednesday launched plans to revamp the 200, 500, and 1,000 naira notes.

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CBN Governor, Godwin Emefiele, disclosed this all through a specific press briefing in Abuja.

Emefiele talked about the redesign will take affect from Thursday, December 15, 2022.

He moreover talked about that current notes would seize to be regarded as approved tender by January 31, 2023.

Emefiele disclosed this all through a press briefing in Abuja on Wednesday.

The CBN talked about that it is worrisome that 85 per cent of the foreign exchange in circulation is being hoarded by Nigerians.

He further urged Nigerians to proceed to their banks to deposit their Naira notes, together with that the deposit cost will be waived for transactions below N150,000.

Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, along with hamper ramson price to terrorists and kidnappers.

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