Nigerians are beginning to wonder why they are not seeing the new notes in ATM machines, as notes return to circulation.
That dilemma has birthed reports that the Central Bank of Nigeria was phasing out the new Naira notes.
However, the CBN has debunked these reports that the newly redesigned ₦1,000, ₦500 and ₦200 notes would no longer be in existence soon.
It says it is false.
Deadline For Circulation
A spokesperson for the apex bank, Dr. Isa AbdulMumim, described the reports as “fake news”.
He advised Nigerians to ignore such reports.
“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.
“The report suggested that the Bank is contemplating the withdrawal of the recently redesigned ₦1,000, ₦500 and ₦200 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 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.
“We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency,” he said.
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Explaining the situation on ground, he emphasised that the redesigned and old notes would continue to be accepted as legal tender.
“They will circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old ₦1000, ₦500 and ₦200 banknotes will eventually be phased out.
“Please be guided accordingly,” he added.
