The Central Bank of Nigeria (CBN) has announced the withdrawal of N200, N500 and N1000 notes commencing with immediate effect.
The said notes would be replaced with new notes from December 15 this year.
In a special announcement made on Wednesday, CBN governor, Godwin Emefiele, said the old notes would cease to be legal tender from January 31, 2023.
He said the apex bank has received the approval of the Federal Executive Council (FEC) to effect the change.
Emefiele who said President Muhammadu Buhari is expected to launch the new naira notes, also disclosed that the decision to change the national currency was both economic and security.
He said 80 per cent of the naira are circulating outside the banking system, triggering inflation and weakening the currency.
On security, he said ransom payments have resulted in putting enormous cash in the hands of terrorists.
Asked if he was hopeful that the naira could appreciate as a result of the change, Emefiele responded in the affirmative but said he didn’t want to speculate.
The CBN advised Nigerians to take old notes to banks for the new notes.
