CBN has debunked reports that it plans to phase out the redesigned Naira notes, saying it has no agenda in that direction.
By Emma Ogbuehi
The Central Bank of Nigeria (CBN) has debunked reports that it plans to phase out the redesigned N1, 000, N500 and N200 notes, saying it has no agenda in that direction.
Following the complaints of scarcity trailing the new Naira notes across the country, there have been insinuations that the CBN could be withdrawing the redesigned notes at the expiration of the administration of President Muhammadu Buhari.
However, in reacting to the development, Ag. Director, Corporate Communications of the bank, Dr. Isa AbdulMumim, dismissed the suggestions to that effect and described the reports as “fake news.”
He advised members of the public to ignore such reports.
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He 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 N1, 000, 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.”
Since the CBN embarked on its currency design programme, there have been hitches on depositors withdrawing their money from the banks. Not even the intervention of the Supreme Court by extending the time frame for the withdrawal of the old notes from April to December 2023, has ameliorated the situation. At many branches of commercial banks across the country, the challenge of currency scarcity persists.