No plans to phase-out new Naira notes

The Central Bank of Nigeria (CBN) has dismissed a report on the planned phase-out of the new Naira notes from circulation.

The Acting Director of Corporate Communications for CBN, Isa AbdulMumin, made the clarification in a statement on Sunday in Abuja.

He was reacting to a claim on social media that the apex bank was contemplating the withdrawal of the new N1,000 N500 and N200 banknotes from circulation.

Many Nigerians have expressed concern over the scarcity of the redesigned naira notes in banks across the country.

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The statement read: “We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.

“The new and old currency notes have been circulating 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.

“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 deadline when the old N1,000, N500, and N200 banknotes will eventually be phased out.”