CBN speaks on withdrawal of redesigned notes amid scarcity

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The Central Bank of Nigeria, CBN, has reacted to claims that it planned to phase out redesigned N1000, N500 and N200 notes amid scarcity.

Recall that Nigerians had continued to lament the scarcity of the redesigned naira notes across the country.

The development comes amid the months-long cash scarcity which stroked Nigeria’s economy in the first quarter of 2023 owing to the implementation of a cashless policy by the CBN.

However, in a statement by the acting Director of Corporate Communications, Dr Isa Abdulmumim, the apex bank described the report of the plan to phase out the redesigned naira notes introduced by President Muhammadu Buhari on November 23, 2023, as fake and untrue.

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CBN said the public should ignore in its entirety claims that it is contemplating withdrawing the newly redesigned notes.

He stressed that the speculation was unfounded and a ploy 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.

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“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 partly reads.

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