BREAKING: CBN to Redesign, Re-issue new Naira Notes

The Central Bank of Nigeria (CBN) has announced plans to withdraw all the current N200, N500 and N1000 notes from circulation effective from December 15, 2022; redesign and re-issue each of these notes.

The CBN Governor, Godwin Emefiele who announced this in Abuja on Wednesday said President Muhammadu Buhari has given approval for the redesign, production and circulation of the new Naira notes.

He warned that the old notes would cease to be legal tender by January 31, 2023, and directed commercial banks to stop charging interests on cash deposits with immediate effect.