The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has said that President Mohammadu Buhari has approved the redesigning of three naira notes effect by December 15.
Addressing newsmen on Wednesday in Abuja, Mr Emefiele said the apex bank will redesign N200, N500, N1000 notes.
Mr Emefiele said: “Bank charges for cash deposit are suspended with immediate effect.”
He further disclosed that over 80 per cent of the total cash in circulation was outside the banking system.
“N2.73 trillion out of N3.23trn exists outside the commercial bank,” he added.