BREAKING: CBN to redesign Naira

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The Central Bank of Nigeria has announced its decision to redesign the Naira.

Uba Group

The CBN Governor, Godwin Emefiele, who announced this at a press briefing in Abuja, said the exercise would affect the highest denominations: N200, N500, N1000 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.

More to follow..