CBN Finally Speaks On Withdrawing The New Naira Notes

 

There are speculations that the Central Bank of Nigeria (CBN), plans withdrawing the redesigned naira notes of N1000, N500, and N200 from circulation. This comes as the Nigeria's supreme court overruled the apex bank's earlier policy of phasing out the old notes of the denominations mentioned above. In its ruling,the supreme extended the validity of the old notes to December, 2023

Interestingly, the Central Bank acting Director of Corporate Communications, Isa AbduMumimas,  in a statement released on Sunday, April 30th, refuted the report that there are plots to withdraw the redesigned naira notes from circulation . He described the reports as "unfounded speculations".

“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,” the statement partly read.

“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.”

 

“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 statement concluded.