By Hosea Parah, Abuja

Central Bank of Nigeria has Disclaimed the Alleged Plans to Phase out Redesigned Naira Notes

This was contained in a statement signed by Isa AbdulMumi Ag. Director, Corporate Communications on Friday.

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

“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.

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

This they said, 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.