News Summary:
- The Central Bank of Nigeria (CBN) has denied rumours that it intends to withdraw the newly redesigned naira notes.
- The CBN will continue supplying currency for the economy’s seamless operation.
- The old and new notes will circulate concurrently until the deadline of December 31, 2023, when the former notes will be phased out.
The Central Bank of Nigeria (CBN) stated on Sunday that there are no intentions to withdraw from circulation the newly redesigned N200, N500, and N1,000 notes.
The clarification follows what the apex bank characterised as “fake news circulating in the media,” particularly on social media, claiming that the bank is considering withdrawing the recently redesigned N1000, N500, and N200 banknotes from circulation.
Isa AbdulMumim, CBN’s acting director of corporate communications, stated in a mailed note, “We wish to state unequivocally that such speculation is unfounded and a ploy by certain interests to cause panic among the public.”
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“We would like to reiterate that both the new and old currency notes have been circulating concurrently, while the bank has been receiving a large quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited,” he added.
AbdulMumim also emphasised CBN’s commitment to continue supplying the approved indent for the economy’s seamless operation.
Therefore, he exhorted the general public to disregard any report proposing a phase-out of the newly designed currency.
“To avoid confusion, both the redesigned and old bills will continue to be acknowledged as legal tender.
Prior to the deadline of December 31, 2023, when the former N1000, N500, and N200 banknotes will be phased out, they will circulate concurrently.
Please act accordingly,” he stated.