CBN Gives Fresh Update On Redesigned Naira Notes Amid Scarcity

CBN Gives Fresh Update On Redesigned Naira Notes Amid Scarcity

The Central Bank of Nigeria (CBN) has dismissed reports that it is considering the withdrawal of the redesigned N200, N500 and N1,000 notes from circulation.

In a statement on Sunday, the apex bank’s Acting Director of Corporate Communications, Isa AbduMumimas described the reports as “unfounded speculation”, noting that there is no plan to phase out the three newly redesigned bank notes.

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DISCLAIMER: CBN Disclaims Alleged Plans To Phase out Redesigned Naira Notes. pic.twitter.com/hjZXpP34Jq

— Central Bank of Nigeria (@cenbank) April 30, 2023

“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,” the statement partly 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.”

“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,” the statement concluded.

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