The Central Bank of Nigeria (CBN) has denied allegations that it is considering withdrawing from circulation the new ₦200, ₦500, and ₦1,000 notes.
The apex bank’s Acting Director of Corporate Communications, Isa AbduMumimas, rejected the allegations as “unfounded speculation” in a statement issued on Sunday, saying that there is no plan to phase out the three freshly redesigned bank notes.
CBN via the statement said, “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 ₦1000, ₦500 and ₦200 currency banknotes from circulation,” the statement partly read.
“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.”
“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 ₦1000, ₦500 and ₦200 banknotes will eventually be phased out,” the statement concluded.
