Home National No Plans to Phase Out New Naira Notes – CBN

No Plans to Phase Out New Naira Notes – CBN

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Isiyaku Ahmed

The Central Bank of Nigeria (CBN) says it has no plans to phase out the redesigned New Naira notes from circulation as suggested by reports in the social media space.

CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin made the disclosure in a statement on Sunday in Abuja.

The statement read;

The attention of the Central Bank of Nigeria has been drawn to a fake news item circulation 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 bank notes from circulation.

“We wish to state emphatically state 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 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 Commission (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 Dec. 31 deadline, when the old N1000, N500 and N200 banknotes will eventually be phases out.”

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