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Naira Redesign: CBN disclaims alleged plans to phase out new banknotes

Photo Collage of Redesigned Banknotes and CBN Logo

*The Central Bank of Nigeria, at the weekend, assures consumers of financial products and services the redesigned and old Naira notes ‘will continue to be accepted as legal tender, and will circulate side-by-side for transactions ahead of the December 31, 2023 deadline’, when the old N1000, N500 and N200 banknotes will be phased out in the West African country

Isola Moses | ConsumerConnect

Against the backdrop of the reported relative scarcity of the new currency notes in the economy, the Central Bank of Nigeria (CBN) says its attention has been drawn to a “fake news item” circulating in the media, particularly in the social media space.

The Bankers’ Bank noted the news item has suggested that the CBN is contemplating the withdrawal of the recently redesigned N1000, N500 and N200 banknotes from circulation.

Old N1000, N500 and N200 notes

Dr. AbdulMumim Isa, Acting Director of Corporate Communications at CBN, in a disclaimer signed and issued Saturday, April 29, 2023, however, discredited the information circulating in the public space.

Isa 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.

“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.”

The Bank’s Spokesperson also noted: “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.”

The Nigerian banking sector regulator further stated: “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. Please be guided accordingly.”

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