BREAKING: CBN to redesign Naira

The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the Naira notes.

CBN Governor, Godwin Emefiele, who announced this at a press briefing in Abuja, said the exercise would affect the highest denominations: 200, 500 and 1000 Naira 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.