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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.
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.
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Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.
He also said that Central Bank of Nigeria will in the next 100 days mop up N3.23 trillion from circulation to tackle rising inflation.
He said that of the N3.23 trillion cash in circulation as of September 2022, N2.73 trillion is outside the vault of banks.
Emefiele said both the funds within and outside the banking system will be mopped up from today till January 31, 2023 to the CBN’s vault to control rising inflation.