No plan to ditch new banknotes — CBN

The Central Bank of Nigeria (CBN) has denied rumours of a plan to withdraw newly redesigned banknotes from circulation.

In a statement issued by the Acting Director of Corporate Communications, Dr Isa AbdulMumim, the CBN dismissed the speculations as baseless and aimed at creating unnecessary panic among the public.

“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public,” AbdulMumim said.

The CBN assured the public that the new and old currency notes have been in circulation side by side, and the bank has been receiving a good quantity of redesigned banknotes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

The bank also reiterated its commitment to supplying the approved indent for the smooth running of the economy.

“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,” the CBN stated.

The public is urged to disregard any report suggesting a phase-out of the redesigned currency and continue to transact with both old and new notes as legal tender.

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