CBN denies phasing out redesigned naira notes

The Central Bank of Nigeria has debunked reports that it planned to phase out the newly redesigned N1, 000, N500 and N200 notes.

The apex bank clarified that reports on its social media platforms on Sunday in a statement by its Ag. Director, Corporate Communications, Dr Isa AbdulMumim.

According to him, 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 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 December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes will eventually be phased out,” the statement read.

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