The Central Bank of Nigeria (CBN) has announced a redesign of the N200, N500, and N1,000 notes.

CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja, noting that the new design will come into effect from December 15, 2022.

Emefiele said that the action was taken in order to take control of the currency in circulation, advising Nigerians to take old notes to banks for the new notes.

Reacting to this development, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf said that is the least of the problems of Nigeria’ economy right now.