The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Wednesday announced that 200, 500, and 1000 notes will be redesigned by December 2022.

ChineduoffornewsRoundup reports that Emefiele equally advised Nigerians to return the existing old notes to their banks before the expiration period.

The CBN helmsman was speaking during a special press briefing in Abuja, the Nigerian capital city.

According to him, actions are being taken in order to take control of the currency in circulation.

He also said that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.