The Central Bank of Nigeria has has disclosed that Nigerians would soon be forced to exchange the current naira notes at their disposal, into a new redesigned one.
The latest development which was announced by the CBN Governor, Mr. Godwin Emefiele, at a press briefing in Abuja, is however, said to only affect the highest Naira denominations in the country, such as the 200, 500, 1000 notes.
Emefiele explained that the action was taken in order to take control of the currency in circulation, possibly as a measure to help manage the nation's rising inflation.
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.
This is a developing story and would be updated as more information emerges.