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CBN to release re-designed Naira notes

CBN to release re-designed Naira notes

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

Nigerians and other nationals in the country are given until January 30, 2023 to change their naira to the new ones as the existing notes would seize to be regarded as legal tender from Janauary 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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