The Central Bank Of Nigeria (CBN) on Wednesday said it will redesign the N200, N500 and N1,000 notes respectively.
CBN Governor, Godwin Emefiele, made the disclosure at a special press briefing in Abuja.
Emefiele announced that the introduction of the new naira notes will take effect from December 15, 2022.
He further disclosed that over 80 per cent of the total cash in circulation was outside the banking system.
“N2.73 trillion out of N3.23 trn exists outside the commercial bank,” he added.
He said the decision would impact the value of the naira.
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