‘Redesigned Naira Notes Still In Circulation’, CBN Refutes Withdrawal Claims

• The Central Bank of Nigeria has denied reports that it plans to phase out the newly redesigned naira notes.

• The bank stated that old and new currency notes have been circulating side by side and will continue to be accepted as legal tender.

• The redesigned and old notes will circulate together for transactions ahead of the December 31, 2023 deadline when the old N1000, N500 and N200 banknotes will eventually be phased out.

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has distanced itself from reports claiming it plans to phase out the newly redesigned naira notes.

The CBN debunked the report in a statement on Sunday by its Acting Director, Corporate Communications, Isa Abdulmumin.

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In the statement posted on Twitter, CBN stated that speculations about the withdrawal of the new notes is unfounded and a ploy by some interests to cause panic among members of the public.

The apex bank reiterated that the new and old currency notes have been circulating side by side just as the Bank has taking delivery of a good quantity of the redesigned Bank notes.

The statement read:

CBN Disclaims Alleged Plans To Phase out Redesigned Naira Notes

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. 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.

Isa AbdulMumim PhD

Ag. Director, Corporate Communications

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