Five things you should know about naira redesign

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the N200, N500 and N1000 notes would be redesigned.

Below are what you need to know about the Naira redesign:

1. The new redesigned N200, N500 and N1000 notes will be out on December 15, 2022.

2. Old notes would still be in circulation until January 31, 2023 after which they cease to be legal tender.

3. Every one has to deposit their old N200, N500 and N1000 notes to the bank.

4. Charges on all deposits have been suspended by the CBN during this period.

5. Banks are expected to extend the number of days they work during the week to enable members of the public deposit monies in their possession.