The Central Bank of Nigeria (CBN) has stated that there are no plans to stop the distribution of new naira notes.
Dr. Isa AbdulMumim, the bank’s acting director of corporate communications, denied the rumor that the regulator was considering withdrawing 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,” he said.
The Nigerian Security Printing and Minting Company (NSPMC) Limited has been providing the bank with a sizable number of the redesigned bank notes, and the bank maintained that both the new and old currency notes have been in circulation side by side.
The CBN further stated that it is dedicated to provide the approved indent for the efficient operation of the economy.
It also stated: “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.”
