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The Central Bank of Nigeria will introduce redesigned 200, 500, and 1000 naira notes by December 15th, with the old currencies ceasing to be legal tender from January 31st, 2023. Currently, 3.2 trillion naira is in circulation, with 2.7 trillion (85%) outside the banking system, prompting the introduction of new notes. President Buhari has approved the redesign, production, and circulation of the new banknotes.