CBN Governor, Godwin Emefiele, disclosed this on Wednesday, October 26, 2022, during a special press briefing in Abuja.
According to the CBN boss, the existing notes would seize to be regarded as legal tender by January 31, 2023.
He said it is worrisome that 85 percent of the currency in circulation is being hoarded by Nigerians.
He said: “In line with the provisions of Sections 2(b), Section 18(a) and Section 19, Seb section(a) and (b) (2007), the management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500 and N1,00 levels.
“In line with this approval, we have finalised arrangements for the new currency to begin circulation from December 15, 2022 after its launch by President Buhari.
“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be a legal tender.”
Emefiele said the redesigned notes would help to curb counterfeit notes in circulation.
He added that the development would hamper ransom payment to terrorists and kidnappers.