The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the bank would circulate newly designed Naira notes by December 15, 2022.
The notes to be affected, according to Emefiele, are the highest denominations: 200, 500, 1000 notes.
He said the notes would take effect as a legal tender by January 31, 2023 when the existing notes will stop being accepted.
The CBN governor made this known at a press briefing in Abuja on Wednesday.
According to him, the redesigning of the Naira notes would assist to prevent fake notes and ransom payments to terrorists and abductors.
He, however, admonished Nigerians to visit their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.