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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has reportedly announced that redesigned naira notes will be released on December 15, 2022.
Per online reports, Emefiele stated that existing notes would cease to be regarded as legal tender by January 31, 2023.
CBN stated that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.
The CBN Governor told 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 further said the reason for the decision to redesign the notes is to curb counterfeit ones in circulation and hamper the payment of ransom to terrorists and kidnappers.
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