BREAKING: CBN denies alleged plans to phase out redesigned naira notes


The Central Bank of Nigeria in a statement by it’s Acting Director, Corporate Communications Department, Isa Abdulmumin, has denied the rumours that the bank is planning the withdrawal of the new Naira notes from circulation.

The Apex bank says it has no plans to phase out the redesigned Naira notes from circulation and that the speculation is to cause unnecessary panic among members of the public.

“The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited,” he said.

Mr Abdulmumin said the CBN was 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 Dec. 31 deadline, when the old N1,000, N500 and N200 banknotes will eventually be phased out,” he said.


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