CBN Debunks Reports It Plans To Phase Out Redesigned Naira Notes

News Staff

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CBN Debunks Reports It Plans To Phase Out Redesigned Naira Notes

The Central Bank of Nigeria has dismissed reports that it plans to withdraw circulation of the recently redesigned Naira notes.

In a released notice, signed by the acting Director of corporate communication, Isa AbdulMumim on Sunday, April 30 the bank stated that the speculation is a ploy by some people to cause panic among members of the public.

The bank reiterated that the old and new notes have been circulating side by side as they have been taking good delivery of a good quantity of the redesigned notes from the Nigerian Security Printing and Minting company Limited.

It was also stated that the bank would remain committed to supplying the approved indent for the smooth running of the economy.

The CBN also emphasized that the redesigned and the old currency, will continue to be accepted as legal tender for transactions ahead of the December 31, 2023 deadline.

The Statement Read;

“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.”