The Central Bank of Nigeria (CBN) has announced plans to redesign some naira notes, they include N200, N500 and N1000.
The CBN Governor, Godwin Emefiele, disclosed this at a press conference held in Abuja on Wednesday, October 26.
He stated that the new design will be effective from December 15, 2022, and the existing notes would still be valid until January 31, 2023.
There are speculations that this new policy is to counter the antics of kidnappers who like to collect ransoms in cash, and politicians who have stocked large sums of cash for the upcoming elections.
There are limits to how much cash an individual or corporate body can deposit cash in a bank without drawing scrutiny.