May 01, (THEWILL) – The Central Bank of Nigeria (CBN) has said it is committed to adequate supply of the new Naira notes ahead of the December 31 deadline on the old N1,000, N500 and N200 denominations.
The assurance is contained in a statement by the Bank, signed by the Ag. Director, Corporate Communications, Dr. Isa AbdulMumim, debunking rumours of planned phaseout of the redesigned notes.
The Bank said it is taking delivery of the new notes
from the Nigerian Security Printing and Minting Company (NSPMC) Limited for adequate supply to the economy.
It described the rumour of the planned phaseout of the redesigned Naira as “fake news”, and urged members of the public to ignore the report.
“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.
“Furthermore, we are committed to supplying the approved indent for the smooth running of the economy.
The statement read in part, “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 N1, 000, N500 and N200 currency banknotes 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.
“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.”
The bank stated that the redesigned notes 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.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
