The Central Bank of Nigeria Governor, Godwin Emefiele has said the apex bank will redesign three naira notes.
He said the bank had obtained approval from President Mohammadu Buhari to redesign N200, N500, N1000 notes, adding that the new notes will come into effect by December 15.
Emefiele said: “Bank charges for cash deposit are suspended with immediate effect.”
He further disclosed that over 80 percent of the total cash in circulation is outside the banking system.
Emefiele said: “N2.73 trillion out of N3.23 trn exist outside the commercial bank.”
He said the decision will impact the value of the naira.
Daily Trust
