The Central Bank of Nigeria, CBN, has debunked the report making the rounds in the social media space suggesting that the Apex bank is contemplating to withdraw the recently redesigned N1000, N500 and N200 currency banknotes from circulation.
CBN’s Acting Director, Corporate Communications, Isa AbdulMumim, in a statement made available to the media said the speculation was unfounded and a ploy by some interests to cause panic among members of the public.
The apex bank 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.
The CBN further restated its commitment to supplying the approved demand for the smooth running of the economy and therefore, urged members of the public to disregard any report stating otherwise.
The Acting Director however reassured that the redesigned and old 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 eventually phase out.
The Statement Reads:
The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake news itemcirculating 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 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.
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.
