The Central Bank of Nigeria has announced December 15, 2022 as the date it will release re-designed Naira notes.
Godwin Emefiele, Governor, Central Bank of Nigeria, said that existing notes would seize to be regarded as legal tender by January 31, 2023.
Emefiele a special announcement made during a press briefing in Abuja on Wednesday said it is worrisome that 85 percent of the currency in circulation is being hoarded by Nigerians.
The CBN boss said he has received the approval of Federal Executive Council to effect the changes on the naira, adding that redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ransom payment to terrorists and kidnappers.
Emefiele said the decision to change the national currency was both economic and security.
He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.
Asked if he was hopeful that the naira could appreciate as a result of the change, Emefiele said yes, but he didn’t was to speculate.
According to Emefiele, president Mohammadu Buhari is expected to launch the new naira notes.