The Central Bank of Nigeria (CBN) has debunked rumours that it plans to phase out the newly redesigned Naira notes from circulation.

CBN’s Acting Director, Corporate Communications Department, Isa Abdulmumin, made this known in a statement in Abuja on Sunday.

The statement was a reaction to a viral report that the apex bank was contemplating the withdrawal of the recently redesigned N1,000 N500 and N200 currency banknotes from circulation due to scarcity.

The apex bank said the new and old currency notes have been circulating side by side, hence it has not made any move to cease the new ones from circulating as reported.

It urged members of the public to disregard any report suggesting a phase-out of the redesigned currency.

Nigerians, since December last year, have been struggling with shortage of cash due to Currency change policy by the Central Bank. Although the situation has improved as more notes have been released by the apex bank.

The CBN said the redesigned 200, 500 and 1,000 naira notes are under a plan to curb double-digit inflation and move towards a cashless economy.

Full statement:

“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 N1, 000, 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 (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.

“Please be guided accordingly.”