Despite all the challenges that have trailed the Naira redesign policy, the Central Bank of Nigeria (CBN) has dismissed rumour making the round that it planned to phase out the redesigned banknotes
The redesigned N200, N500 and N1000 notes were injected into circulation on December 15, 2022 by the CBN.
In making the announcement to herald the formal introduction of the new notes, the CBN governor, Godwin Emefiele, said the new and old denominations would continue to circulate simultaneously as legal tender till the end of January 31, 2023.
Although the deadline for the old notes was later removed indefinitely, recent reports in the media said the apex bank was contemplating doing away with the new Naira notes.
The Acting Director, Corporate Communications of the CBN, Isah AbdulMumim denied such reports, describing it as fake news.
In a rebuttal on Sunday, AbdulMumin 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 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.
“Furthermore, we are 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, 2023 deadline, when the old N1000, N500 and N200 banknotes will eventually be phased out.
Please be guided accordingly.”
