No plan to withdraw redesigned naira notes from circulation — CBN

The Central Bank of Nigeria (CBN) has denied reports that it plans to withdraw the recently redesigned N1000, N500, and N200 currency banknotes from circulation.

The bank described the speculation as unfounded and an attempt by some interests to cause panic among the public.

A statement released by the bank stated that the new and old currency notes have been circulating side by side, and 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.

The CBN further reaffirmed its commitment to supplying the approved notes for the smooth running of the economy and urged members of the public to disregard any report suggesting a phase-out of the redesigned currency.

The statement said that the redesigned notes and the old notes will continue to be accepted as legal tender and will circulate side-by-side for transactions ahead of the 31 December deadline, when the old N1000, N500, and N200 banknotes will eventually be phased out.

The CBN urged members of the public to be guided accordingly and ignore any fake news circulating on social media.

The struggle

The bank had on 6 December announced its plans to redesign the naira notes as part of efforts to check inflation, counterfeiting and corruption.

The bank initially set 31 January as the deadline for the use of old naira notes across Nigeria, but the deadline was later shifted to 10 February.

Many Nigerians still face difficulties in accessing the redesigned notes, with riots and protests breaking out in parts of the country.

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Banks and ATMs were vandalized by angry Nigerians who had no access to their cash, and the policy had a negative impact on Nigerian businesses and households.

Subsequently, following a Supreme Court ruling, the CBN on 13 March directed commercial banks to dispense and receive the old N200, N500, and N1000 bank notes adding that the notes remain legal tender until 31 December.