No Plan To Phase-out Redesigned Naira Notes -CBN

The Central Bank of Nigeria (CBN) has clarified that there was no plan to phase-out the redesigned currency as being speculated.

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CBN made the clarification in a statement issued by its Ag. Director, Corporate Communications, Dr. Isa AbdulMumim on Sunday.

The apex bank was responding to a fake news item circulating in the media, particularly in the social media space, suggesting that the Bank was contemplating the withdrawal of the recently redesigned N1000, N500 and N200 currency banknotes from circulation.

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CBN emphatically said, such speculation was unfounded and a ploy by some interests to cause panic among members of the public.

It reiterated that the new and old currency notes have been circulating side by side just as the Bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

Furthermore, it said, it was committed to supplying the approved indent for the smooth running of the economy.

“We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.

“For the avoidance of doubt, the redesigned and old notes will continue to be accepted as legal tender.

“They will circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes will eventually be phased out. Please be guided accordingly”, CBN said in a statement.

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