The Central Bank of Nigeria, CBN, has quashed the rumours of phasing out the redesigned Naira notes from circulation, a clarification that came amid a flurry of misinformation on social media.
Isa AbdulMumin, the Acting Director of the Corporate Communications Department at the CBN, dispelled these rumours in a statement issued in Abuja on Sunday, April 30, 2023. The statement was in response to viral news on social media, which suggested the apex bank was considering the withdrawal of the recently redesigned N1,000, N500, and N200 currency banknotes.
“We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public,” AbdulMumin stated.
He highlighted that both the new and old currency notes have been circulating side by side, and reassured the public that the bank had been receiving a “good quantity” of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited.
“The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited,” AbdulMumin said.
AbdulMumin stressed the apex bank’s commitment to supplying the “approved indent” to ensure the smooth running of the economy. He also urged the public to disregard any reports suggesting the 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 clarified.
The announcement is expected to alleviate public apprehension, ensuring the continued smooth operation of Nigeria’s cash-based economy. It also serves as a reminder to the public to scrutinize information from unofficial sources.
