• Wednesday, February 28, 2024
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CBN says no plans to phase out redesigned naira notes

The CBN governor wields enormous power without accountability

The Central Bank of Nigeria (CBN) on Sunday said there are no plans to phase out the newly redesigned N200, N500 and N1,000 notes from circulation.

The clarification follows what the apex bank described as ‘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,” Isa AbdulMumim, CBN’s acting director, corporate communications stated in a mailed note.

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“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,” he added.

AbdulMumim further stressed CBN commitment to continue to supply the approved indent for the smooth running of the economy.

He therefore, urged 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.
Please be guided accordingly,” he noted.