Banking, Economy & MoneyHeadlines

No Plan To Phase Out New Naira Notes, Says CBN

The Central Bank of Nigeria,CBN, has debunked viral reports circulating on social media that it has plans to phase out the new N200, N500 and N1,000 Naira notes.

This is contained in a statement titled, “CBN Disclaims Alleged Plans To Phase out Redesigned Naira Notes”, signed by the Acting Director, Corporate Communications, Dr. Isa AbdulMumim dated April 29, 2023. 

The statement described the report as “fake news, unfounded and a ploy by some interests to cause panic among members of the public.”

While promising to continue “supplying the approved indent for the smooth running of the economy”, the CBN also urged “members of the public to disregard any report suggesting a phase-out of the redesigned currency.”

Read the full statement below:

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 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.

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.

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