The Central Bank of Nigeria (CBN) has announced it will launch new naira notes before the end of the year.

The CBN Governor, Godwin Emefiele disclosed this at a press conference on Wednesday.

He noted that the CBN had obtained approval from President Mohammadu Buhari to redesign N200, N500, N1000 notes, adding that the re-designed Naira notes will be effective by December 15, 2022.

He however urged depositors to exchange their old currencies for the new ones before the January 31, 2023 expiration date.

According to him, this decision would positively impact the value of the Naira.

“In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender”, he said.