“Such speculation is unfounded”: CBN debunks claims that it plans to phase out new Naira Notes

The acting Director of Corporate Communication at the Central Bank of Nigeria, Isa AbdulMumim, on Sunday, April 30th, issued a notice to the public urging them to disregard reports that suggest the newly redesigned Naira notes will be withdrawn from circulation. The bank called the speculation a ploy to cause unnecessary panic among the public.

The notice reiterated that the old and new Naira notes will continue to circulate side by side as they have been taking good delivery of the newly redesigned notes from the Nigerian Security Printing and Minting Company Limited.

The CBN expressed its commitment to supplying the approved indent to ensure the smooth running of the economy. The notice also emphasized that both the redesigned and the old currency will continue to be accepted as legal tender for transactions until the December 31, 2023 deadline.

The statement reads; ”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.”