Dr. Isa AbdulMumim, the bank's acting director of corporate communications, denied the report that the regulator was considering withdrawing the freshly redesigned N1000, N500, and N200 currency bills 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," he said.
The Nigerian Security Printing and Minting Company (NSPMC) Limited has been providing the bank with a sizable number of the redesigned bank notes, and the bank maintained that both the new and old currency notes have been in circulation side by side.
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The CBN further stated that it is dedicated to provide the approved indent for the efficient operation of the economy.
We thus encourage the general public to ignore any reports that claim a gradual phase-out of the redesigned currency, it continued.
"For the avoidance of dispute, both the old and the redesigned notes will be recognized as legal money. Prior to the deadline of December 31, 2023, when the old N1000, N500, and N200 banknotes would finally be taken out, they will be in circulation side by side for transactions.
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