The Governor, Central Bank of Nigeria, Godwin Emefiele, has announced that the bank would release re-designed Naira notes by December 15, 2022.
He also said that existing notes would seize to be regarded as legal tender by January 31, 2023.
The Apex bank boss revealed that the new currencies will include the N200, N500 and N1000 notes.
Emefiele disclosed this at a press conference 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.