CBN says no plan to phase out redesigned Naira notes

The Central Bank of Nigeria (CBN) has said that the speculation to phase out redesigned Naira notes is unfounded and a ploy by some interests to cause panic among members.

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

He said, “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.”

Abdulmumin said that the apex bank was 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 Dec. 31 deadline, when the old N1,000, N500 and N200 banknotes will eventually be phases out,” he said.