The Central Bank of Nigeria has announced its decision to redesign the Naira.
The 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 him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.