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CBN: No Plan to Phase-out Redesigned Naira Notes

CBN dismisses reports of phasing out newly redesigned naira notes

The Central Bank of Nigeria (CBN) yesterday, Sunday, 30, 2023, dismissed widespread insinuations that it planned to withdraw the recently redesigned N1000, N500 and N200 currency denominations from circulation.

Politics Nigeria gathered that the apex bank’s clarification came against the backdrop of the fake news circulating in the media, especially the social media space, that the CBN was considering phasing out the relatively scarce banknotes in circulation.

However, CBN acting Director, Corporate Communications Department, Dr. Isa AbdulMumim, in a statement, stated that: “such speculation is unfounded and a ploy by some interests to cause panic among members of the public.”

AbdulMumim insisted that both the new and old currency currencies have been circulating side by side just as the apex bank had been taking delivery of a good quantity of the redesigned denominations from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

He said, “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.”

The CBN spokesman emphasised that the redesigned banknotes would circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes would eventually be phased out – and advised the public to be guided accordingly.

Earlier on March 13, the central bank, following the Supreme Court order, which extended the validity of the old N200, N500, and N1,000 notes till December 31, 2023, affirmed the affected currency denominations remained legal tender.


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