As means of checking serial abuse of the naira, the Central Bank of Nigeria (CBN) has concluded plans to redesign certain denominations of the currency.
Mr Godwin Emefiele, the CBN Governor, who made this known during a press conference in Abuja on Wednesday, said the apex bank had obtained the approval of President Muhammadu Buhari to redesign N200, N500 and N1,000 notes.
According to Emefiele, the process is a discharge of the apex bank’s key function of currency management.
Emefiele said the new currencies and the existing ones would remain legal tender and circulate together until Jan. 31, 2023.