Godwin Emefiele, the governor of the Central Bank of Nigeria, has announced that the top bank will rebrand three naira banknotes.
President Muhammadu Buhari had given the bank permission to redesign the N200, N500, and N1000 notes, he said; adding that the new notes would go into effect on December 15.
Bank fees for cash deposits are immediately stopped, according to Emefiele. He also revealed that the banking sector does not account for more than 80% of the entire amount of cash in circulation.
Out of the N3.23 trillion, N2.73 trillion is outside of commercial banks, he continued. He claimed that the choice will affect the naira’s value.