There are no plans to discontinue the redesigned Naira notes—CBN

The freshly redesigned N1,000, N500, and N200 notes will not be phased out, according to the Central Bank of Nigeria (CBN).

Yesterday, the bank’s Ag. Director of Corporate Communications, Dr. Isa AbdulMumim, called the reports “fake news.”

The Central Bank of Nigeria (CBN) has been alerted to a fake news item circulating in the media, particularly in the social media space, suggesting that the Bank is considering withdrawing the recently redesigned N1,000, N500, and N200 currency banknotes from circulation. AbdulMumin advised members of the public to disregard such reports.

“We want to clarify unequivocally that such rumors are untrue and a scheme by some parties to frighten the populace.

The Nigerian Security Printing and Minting Company (NSPMC) Limited has been providing the Bank with a sizable number of the redesigned bank notes, and we want to underline that they have been in circulation side by side.

“Furthermore, we are dedicated to providing the approved indent for efficient economic operation.

“Therefore, we strongly advise the general public to ignore any reports that indicate the revised currency will eventually be phased out.

“For the avoidance of dispute, both the old and the redesigned notes will be recognized as legal money.

“They will circulate side by side for transactions until the old N1000, N500, and N200 banknotes are gradually phased out on December 31, 2023.  Please follow these guidelines.