This was announced by the CBN Governor, Godwin Emefiele at a news briefing still ongoing at the CBN headquarters.
He explained that the affected notes are N200, N500 and N1,000. According to him, Circulation will begin in December 15, 2022.
He therefore explained that the policy aimed at saving the ailing economy and tackling the insecurity.
He maintained that the Old notes remain valid until January 31, 2023.
He therefore advised people with old notes to begin returning the notes immediately.
The CBN Governor also said that Bank charges for cash deposits have been suspended.