The Central Bank of Nigeria (CBN) on Wednesday announced plans to redesign the 200, 500, and 1,000 naira notes.
Emefiele said the redesign will take effect from Thursday, December 15, 2022.
He also said that existing notes would seize to be regarded as legal tender by January 31, 2023.
Emefiele disclosed this during a press briefing in Abuja on Wednesday.
The CBN said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.
He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.
Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.