We have no plan to phase out redesigned naira notes – CBN

THE Central Bank of Nigeria (CBN) has said it does not have any intention of phasing out the redesigned naira notes from circulation.

The CBN had redesigned the N200, N500 and N1,000 notes, and introduced the new notes into circulation on December 15, 2022. The new notes are now existing with the old ones, which the Supreme Court mandated the CBN to retain as legal tender till December 31, 2023.

The redesigned notes have, however, been scarce in circulation, and there have even been talks in some quarters that the apex bank might be thinking of phasing them out entirely.

But the Acting Director, Corporate Communications Department of the CBN, Isa AbdulMumin, said in a statement he issued today in Abuja that such an intention did not exist.

AbdulMumin said that the new and old currency notes have been circulating side by side, although checks across some cities across the country showed the new notes circulating sparingly.



    “The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited,” he said, adding that the apex bank was 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 deadline, when the old N1,000, N500 and N200 banknotes will eventually be phased out,” he said.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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