Central Bank of Nigeria Dismisses Reports of Phasing Out Newly Redesigned Currency Notes as Fake News

Central Bank of Nigeria Dismisses Reports of Phasing Out Newly Redesigned Currency Notes as Fake News

The Central Bank of Nigeria (CBN) has recently addressed the growing concerns and rumors circulating on social media about the alleged phasing out of the recently redesigned N1,000, N500, and N200 banknotes. In a statement issued by Dr. Isa AbdulMumim, the Acting Director of Corporate Communications for the bank, CBN vehemently denies such plans and labels the circulating reports as “fake news.”

Dr. AbdulMumim strongly urges the public to disregard any information suggesting the withdrawal of these redesigned currency notes from circulation. He emphasizes that the speculation is baseless and has been fabricated by certain parties intending to create panic among the Nigerian populace.

In an effort to reassure the public, Dr. AbdulMumim states that both the new and old banknotes have been circulating simultaneously, and the bank has been receiving a substantial quantity of the redesigned notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited. He further stresses CBN’s commitment to fulfilling the approved indent to ensure the smooth functioning of the nation’s economy.

Dispelling any doubts, the CBN spokesperson confirms that both the redesigned and old notes will continue to be accepted as legal tender. The two variants will circulate concurrently for transactions up until the December 31, 2023 deadline, after which the old N1,000, N500, and N200 banknotes will eventually be phased out.

The Central Bank of Nigeria remains steadfast in its mission to maintain the stability and integrity of the nation’s financial system. It encourages the public to stay informed and rely only on official sources for accurate information regarding the country’s monetary policies and any potential changes to its currency.

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