CBN Assures Public of Continuity of Newly Redesigned Currency Notes

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CBN Assures Public of Continuity of Newly Redesigned Currency Notes
CBN Debunks Rumors of Currency Phase-out


The Central Bank of Nigeria (CBN) has recently dismissed rumors that it plans to phase out the newly redesigned N1,000, N500, and N200 notes. Dr. Isa AbdulMumim, Ag. Director of Corporate Communications at the bank, has labeled these reports as “fake news” and has urged the public to disregard them.

According to Dr. AbdulMumim, the CBN has become aware of a fake news item that has been circulating on social media, suggesting that the Bank plans to withdraw the newly redesigned currency banknotes from circulation. The CBN would like to emphasize that these claims are baseless and unfounded, and that they are the work of individuals with their own agenda, designed to sow panic among the general public.

Dr. AbdulMumim went on to clarify that both the new and old currency notes are currently in circulation side-by-side, and that the Bank has been receiving a steady supply of redesigned banknotes from the Nigerian Security Printing and Minting Company (NSPMC) Limited. Furthermore, he assured the public that the Bank is fully committed to supplying the necessary currency to ensure the smooth functioning of the economy.

He added that there is no need for members of the public to be concerned about any phase-out of the newly redesigned currency. The redesigned and old notes will continue to be accepted as legal tender, and will circulate side-by-side until the December 31, 2023 deadline when the old N1000, N500 and N200 banknotes will be eventually phased out.

Dr. AbdulMumim concluded by advising the public to ignore any reports that suggest a phase-out of the redesigned currency, and to be guided accordingly.

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