To gain control over the currency in circulation, CBN redesigns the naira.

The country’s currency would be revamped, according to Central Bank Governor Godwin Emefiele.
The biggest denomination notes—the 200, 500, and 1000—will be affected by the exercise, according to Emefiele, who made the announcement at a news conference in Abuja today afternoon.
He said that the action was initiated to seize control of the money in use.

He claimed that the majority of the country’s cash was not within bank vaults and that the CBN would not let the scenario continuing.

On December 15, 2022, according to Mr. Emefiele, the new notes will be available for use by the general public.
Additionally, he stated both the old and new notes would continue to be accepted as legal tender until January 31, 2023, at which point the old notes would no longer be valid.

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