The Central Bank of Nigeria (CBN), has dismissed as fake, news trending in the social media on its purported plans to withdraw the new Naira notes from circulation.
A statement today, April 30, by the Acting Director in the Bank’s Corporate Communications Department, Dr. Isa Abdulmumin, stressed that the news about the apex Bank’s plans to phase out redesigned Naira notes is mischievous.
“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.”
The statement assured of the Bank’s commitment 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
“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.”