The Central Bank of Nigeria Governor, Godwin Emefiele has said the apex bank will redesign three naira notes.
He said the bank had obtained approval from President Mohammadu Buhari to redesign N200, N500, N1000 notes, adding that the new notes will come into effect by December 15.
Emefiele said: “Bank charges for cash deposit are suspended with immediate effect.”
He further disclosed that over 80 per cent 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.