October 26, 2022

…directs commercial banks to stop charging interests on cash deposits with immediate effect

The Central Bank of Nigeria (CBN) on Wednesday said President Muhammadu Buhari has given approval for the redesign, production and circulation of new N200, N500, and N1,000 notes.

CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja.

The apex bank also announced the withdrawal of the notes from circulation effective from December 15, 2022 with a plan of re-issuance.

He added that the old notes would cease to be legal tender by January 31, 2023, while directing commercial banks to stop charging interests on cash deposits with immediate effect.