As a means of checking serial abuse of the naira, the Central Bank of Nigeria (CBN) has concluded plans to redesign certain denominations of the currency.

The CBN Governor, Mr Godwin Emefiele, who made this known during a press conference in Abuja today, said the apex bank had obtained the approval of President Muhammadu Buhari to redesign N200, N500 and N1,000 notes.

According to Mr Emefiele, the process is a discharge of the apex bank’s key function of currency management, adding that the new currencies is to begin circulation from the 15th December and the existing ones would remain legal tender and circulate together until Jan. 31, 2023

He urged Deposit Money Banks currently holding existing denominations to begin returning them back to the CBN immediately.

He added that for the purpose of the exercise, bank charges for cash deposit are suspended with immediate effect.