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CBN redesigns naira notes

The Central Bank of Nigeria (CBN) has redesigned three naira notes.

Godwin Emefiele, CBN governor, disclosed this on Wednesday.

He said the bank had obtained approval from President Muhammadu Buhari to redesign N200, N500, N1000 notes, adding that the new notes will come into effect by December 15.

“Bank charges for cash deposit are suspended with immediate effect,” he said.

He also said over 80 percent of the total cash in circulation was outside the banking system.

“N2.73 trillion out of N3.23 trn exists outside the commercial bank,” he added.

He said the decision would impact the value of the naira.

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