‘Unfounded Speculation’ — CBN Says No Plan To Phase Out Redesigned Naira Notes

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The Central Bank of Nigeria (CBN) says it is not contemplating the withdrawal of the recently redesigned naira notes.

A report had emerged that the apex bank may phase out the new notes over scarcity.

Isa Abdulmumim, CBN spokesperson, in a statement on Sunday, clarified that such speculations were unfounded.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake news item circulating in the media, particularly in the social media space, suggesting that the bank is contemplating the withdrawal of the recently redesigned N1000, N500 and N200 currency banknotes from circulation,” he said.

‘Unfounded Speculation’ — CBN Says No Plan To Phase Out Redesigned Naira Notes

“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.”

Abdulmumin said 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,” he said.

“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.”