Disregard news about phasing out redesigned naira notes — CBN

The Central Bank of Nigeria (CBN) has described the news making the rounds that it is gradually phasing out the redesigned N1, 000, N500 and N200 notes as fake news.

Dr. Isa AbdulMumim, Ag. Director, Corporate Communications, said contrary to the report on social media, banks across the country have been taking delivery of the newly redesigned notes.

He implored the general public to disregard what he called the malicious news created to cause panic in the country.

“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.

“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,” a statement by AbdulMumim said.

“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,” Persecondnews also quotes AbdulMumim as saying.