No plans to withdraw redesigned Naira notes, CBN clarifies

The Central Bank of Nigeria (CBN) has stated that there are no plans to phase out the redesigned Naira notes from circulation.

This statement was made by CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, in response to a viral news on social media claiming that the apex bank was contemplating withdrawing the recently redesigned N1,000, N500 and N200 currency banknotes from circulation.

“We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public. The new and old currency notes have been circulating side by side. The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited,” he said.

AbdulMumin emphasized that the apex bank was committed to supplying the “approved indent” for the smooth running of the economy.

He urged 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 Dec. 31 deadline when the old N1,000, N500 and N200 banknotes will eventually be phased out,” he said.

NAN

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