April 30, (THEWILL) – The Central Bank of Nigeria (CBN) has debunked reports that it is planning the withdrawal of the recently redesigned N1000, N500 and N200 banknotes from circulation
CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement on Sunday.
The statement was a reaction to viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned banknotes from circulation.
The CBN reiterated 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.
Abdulmumim, in the statement, said the CBN is committed to supplying the approved indent for the smooth running of the economy.
The statement urged members of the public to disregard any report suggesting a phase-out of the redesigned currency.
The statement read: “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 banknotes 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. 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.”
