The Central Bank Of Nigeria (CBN) has denied rumors of a plan to withdraw newly redesigned banknotes from circulation. The apex bank has hinted that more newly redesigned banknotes will be in circulation. In a statement issued by the Acting Director of Corporate Communications, Dr. Isa AbdulMumin, the CBN dismissed the speculations as baseless and aimed at creating unnecessary panic among the public.
AbdulMumin said, “We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public,”.
A statement issued on Sunday by CBN said, “It is taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited”.
“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 N1,000, N500, and N200 banknotes will eventually be phased out,” the CBN said.
The apex bank also said it is committed to consistently supplying the approved indent for the smooth running of the economy of the country.
Therefore, the public is urged to shun any report suggesting a phase-out of the redesigned currency and continue to transact with both old and new notes as legal tenders and circulate side-by-side ahead of the December 31, 2023 deadline, when the old N1000, N500, and N200 banknotes will eventually be phased out.
AbdulMumin described the allegation as “a fake news item circulating in the media, particularly in the social media space”.
