Fakoyejo OlalekanThe spokesman of the Central Bank of Nigeria (CBN), Isa Abdulmumim, has denied reports that the financial regulator plans to phase out the redesigned Naira notes.
Abdulmumim said the CBN will continue to release the new currencies and doesn’t intend to withdraw the redesigned Naira notes from circulation.
He made this known in a circular released on Sunday, April 30, stating the reports speculating discontinuation are a ploy to cause panic.
According to the CBN Acting Director, Corporate Communications, the new and old currencies, which consist of N200, N500 and N1,000 notes, have been circulating side by side.
The spokesperson said the Nigerian Security Printing and Minting Company (NSPMC) Limited has been delivering the redesigned notes to the CBN for circulation.
He stated that the old and new banknotes remain legal tenders until the former is phased out on 31 December 2023 as ruled by the Supreme Court.
“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.
“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,” the statement by Abdulmumim reads.
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