CBN provides update on alleged plans to Phase out Redesigned Naira Notes
The Central Bank of Nigeria (CBN) has released an update on the alleged plans that the CBN was planning to cancel the new redesigned naira notes.
CBN in the update given said the attention of the 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.
CBN 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.
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 new notes and the 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.
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