Just in: CBN to redesign Naira note
The Central Bank of Nigeria has officially announced its decision to redesign the Naira.
CBN Governor, Mr. Godwin Emefiele, who announced this at a press briefing in Abuja, said the exercise would affect the highest denominations: 200, 500, 1000 notes.
He said the action was taken in order to take control of the currency in circulation.
According to Emefiele, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.