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The Central Bank of Nigeria (CBN) has redesigned some new naira notes. Godwin Emefiele, CBN governor, said this at a press conference on Wednesday. Emefiele said the new design and issues will be effective from mid-December 2022. According to Emefiele, the new notes include N200, N500 and N1000. Advertisement He advised Nigerians to take old notes to banks to enable them withdraw the new banknotes once circulation begins. Speaking on the motivation for the change, the CBN governor explained that the decision was reached due to persisting concerns with the management of the current series of banknotes, and currency in circulation — particularly those outside the banking system in Nigeria. He said in recent times, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. Advertisement According to Emefiele, one of these challenges primarily