The Central Bank of Nigeria, CBN says it has no plans to phase out the redesigned Naira notes from circulation.

The apex banks Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement in Abuja on Sunday, 30th April, 2023.

We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.“The new and old currency notes have been circulating side by side.

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, 2023, deadline, when the old N1, 000, N500 and N200 banknotes will eventually be phases out”, he said.

The disclaimer was made in reaction to a viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned N1,000 N500 and N200 currency banknotes from circulation.

Story: Christy Dung