Reports that the Central Bank of Nigeria (CBN) was considering withdrawing the redesigned N200, N500, and N1,000 notes from circulation have been denied.
Isa AbduMumimas, the acting director of corporate communications for the apex bank, said in a statement on Sunday that the allegations are “unfounded speculation” and that there is no intention to gradually phase out the three freshly redesigned bank notes.
Part of 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.
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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 Limited (NSPMC).”
“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,” the statement concluded.
