The Central Bank of Nigeria, CBN, has responded to reports that it intended to phase out redesigned N1000, N500, and N200 notes due to scarcity.
Remember that Nigerians have been complaining about the paucity of the redesigned naira notes around the country.
The move comes during the months-long cash shortage that afflicted Nigeria’s economy in the first quarter of 2023 as a result of the CBN’s implementation of a cashless policy.
The apex bank, however, denounced the claim of the intention to phase out the redesigned naira notes presented by President Muhammadu Buhari on November 23, 2023, as fake and inaccurate in a statement by the acting Director of Corporate Communications, Dr Isa Abdulmumim.
CBN stated the public should disregard allegations that it is considering withdrawing the freshly redesigned notes.
He emphasized that the speculation was baseless and an attempt to provoke public alarm.
“As a result, we urge the public to disregard any report implying a phase-out of the redesigned currency.” To avoid confusion, both the redesigned and old notes will continue to be legal tender.
“They will circulate side by side for transactions until the old N1000, N500, and N200 banknotes are phased out on December 31, 2023,” the statement partially said.
