Reports of our alleged plan to phase out redesigned naira notes, ploy to create panic - CBN

The Central Bank of Nigeria, CBN, says reports circulating in the social and new media spaces that it intends to withdraw the recently redesigned N1000, N500 and N200 notes, were meant to create panic among members of the public.                             

Fresh Angle International can report that the apex bank, made the clarification in a statement released this evening.                                    

The CBN in the statement signed by its Ag. Director, Corporate Communications, Isa AbdulMumim PhD, reiterated that the redesigned and old currency notes, will circulate side - by - side ahead of the December 31, 2023 deadline.                         

The statement, noted: "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. 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.

"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, AN500 and N200 banknotes will eventually be phased out. Please be guided accordingly."

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