There is no intention to stop using new banknotes, according to CBN.There is no intention to stop using new banknotes, according to CBN.

The Central Bank of Nigeria (CBN) has stated that there are no plans to stop the distribution of new naira notes.

Dr. Isa AbdulMumim, the bank’s acting director of corporate communications, denied the rumor that the regulator was considering withdrawing 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,” he said.

The Nigerian Security Printing and Minting Company (NSPMC) Limited has been providing the bank with a sizable number of the redesigned bank notes, and the bank reiterated that both the new and old currency notes have been in circulation side by side.

The CBN further stated that it is committed to providing the approved indent for the efficient operation of the economy.

We therefore urge the general public to ignore any reports that suggest a gradual phase-out of the redesigned currency, it continued.

“For the avoidance of doubt, both the old and the redesigned notes will be recognized as legal tender. Prior to the deadline of December 31, 2023, when the old N1000, N500, and N200 banknotes will eventually be phased out, they will be in circulation side by side for transactions.