Nigeria’s shortage of foreign currency nightmare goes on and affects now the whole country’s economy. / AFP PHOTO / PIUS UTOMI EKPEI
The 200, 500, and 1,000 naira notes will be redesigned, the Central Bank of Nigeria (CBN) stated on Wednesday.
This was revealed by CBN Governor Godwin Emefiele at a special press conference in Abuja.
Emefiele stated that the revamp would go into effect on December 15, 2022, a Thursday.
Additionally, he stated that as of January 31, 2023, existing notes would cease to be considered as legal money.
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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.
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