Over 80℅ of currency is circulation hoarded, CBN to redesign Naira notes — Emefiele


The Central Bank of Nigeria (CBN) is planning to release redesigned Naira notes by December 15, 2022, while the existing notes would seize to be regarded as legal tender by January 31, 2023.

The CBN Governor, Godwin Emefiele, who disclosed this during a press briefing in Abuja, on Wednesday, October 26, 2022, said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

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While Emefiele urged Nigerians to proceed to their banks to deposit their Naira notes, he said the deposit fee would be waived for transactions below N150,000.

Emefiele also informed that the redesigning of Naira notes would help to curb counterfeit notes, as well as ransom payment to terrorists and kidnappers.