The Central Bank governor has announced that the current $100 bill will cease to be a legal tender from December 31, 2019. The old notes will make way for the new polymer banknotes that were launched on December 9, 2019.
There are around 80 million $100 bills in current circulation. The governor has asked the public to be patient as the ATMs are being configured for the dispensation of the new notes. He also mentioned that other denominations in the paper currency would soon follow and the new designs are to be unveiled by March 31, 2020.
The reason for the changeover was due to four factors: security, durability, cost savings, and the visually challenged.