CBN has no plans to phase out redesigned naira notes

News Agency Of Nigeria

April 30, 2023 7:45 PM

The redesigned and old notes will continue to be accepted as legal tender.

The redesigned notes launched in December 2022 with the backing of CBN governor, Godwin Emefiele (left), and President Muhammadu Buhari (right) [Presidency]

The Central Bank of Nigeria (CBN) says no plans to phase out the redesigned naira notes from circulation.

CBN's Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement in Abuja on Sunday.

The statement was a reaction to viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned ₦‎1,000, ₦‎500 and ₦‎200 currency banknotes from circulation.

"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.

"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.

Abdulmumin said that the apex bank 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 December 31 deadline, when the old ₦‎1,000, ₦‎500 and ₦‎200 banknotes will eventually be phased out," he said.

News Agency Of Nigeria