The Central Bank of Nigeria (CBN) said it will start circulating the newly redesigned N200, N500, and N1000 naira notes starting December 2022.
The CBN Governor, Godwin Emefiele who disclosed this on Wednesday afternoon during a special briefing, said that existing notes would seize to be regarded as legal tender by January 31, 2023.
He added that the naira notes were redesigned following a request from the Federal Government.
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.