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There are no plans to withdraw redesigned Naira notes from circulation -CBN

In response to viral news on social media that the Central Bank of Nigeria (CBN) planned to withdraw recently redesigned N1,000, N500, and N200 currency banknotes from circulation, the CBN’s Acting Director of the Corporate Communications Department, Isa AbdulMumin, has made a statement clarifying that there are no plans to phase out the redesigned Naira notes.AbdulMumin emphasized that the speculation is unfounded and intended to cause panic among the public, and that both the new and old currency notes will continue to circulate side by side. The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited to ensure a smooth running of the economy.AbdulMumin further urged the public to disregard any reports suggesting a phase-out of the redesigned currency. He confirmed that both the redesigned and old notes will continue to be accepted as legal tender and will circulate side-by-side for transactions until the December 31 deadline, when the old N1,000, N500, and N200 banknotes will eventually be phased out.


Ademola Adeyemi

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