BREAKING: CBN Opens Up On Plan To Phase Out Redesigned Naira Notes
The freshly redesigned N1,000, N500, and N200 notes will not be phased out, as claimed by the Central Bank of Nigeria (CBN).
This was said in a statement made by the bank’s Ag. Director of Corporate Communications, Dr. Isa AbdulMumin.
The reports were labeled “fake news” by AbdulMumin, who recommended the people to disregard them.
“The Central Bank of Nigeria (CBN) has been alerted to a fake news story circulating in the media, particularly on social media, that suggests the Bank is considering withdrawing the recently redesigned N1,000, N500, and N200 currency banknotes from circulation,” he said.
We want to make it absolutely clear that such conjecture is false and a trick used by some interests.
We wish to reiterate 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, we are 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.”