The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has on Wednesday, explained why the President Muhammadu Buhari Federal Government is re-designing new Naira notes just ahead of the 2023 general elections.
He said that it is worrisome that 85 percent of the currency in circulation is being hoarded by Nigerians.
The CBN Governor spoke during a Press briefing, in Abuja.
He announced that the Apex Bank would release newly re-designed Naira notes on December 15, 2022.
He also stated that the existing Naira notes would cease to be regarded as legal tender by January 31, 2023.
Speaking further, the Apex Bank Governor 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 noted that the redesigning of the Naira notes would help to curb counterfeit notes, as well as hamper ransom payments to terrorists and kidnappers.
More news later…
