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.
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.