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CBN to Release re-designed N200, N500, N1000 Naira Notes in December (VIDEO)

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The Governor, Central Bank of Nigeria, Godwin Emefiele, has announced that the bank would release re-designed Naira notes by December 15, 2022.

In a bid to curb the rise in currency circulation outside bank vaults, the CBN with approval from President Buhari has announced a redesign of the N200, N500, N1000 currency effective from Dec 15th 2022.

He also said that existing Naira notes would cease to be regarded as legal tender by January 31, 2023.

Emefiele disclosed this during a press briefing in Abuja on Wednesday.

The CBN said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

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.

Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.

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